M2 gets new CEO as founder steps down

Independent telecommunications provider M2 Telecommunications has selected Geoff Horth, its current chief operating officer, to take over the role of founding CEO and managing director Vaughan Bowen.

Vaughan Bowen (Credit: M2)

Horth has been on M2's executive team for more than two years, and held executive roles in the telecommunications industry over a period of more than 20 years. One of his focuses will be building the company's core growth strategies.

Vaughan, who has been in the position for 12 years, will hand over CEO responsibilities to Horth at the end of October, and will assume a new role as executive director to oversee the company's mergers and acquisitions and building carrier/supplier relationships.

M2 chair Craig Farrow said that the company had every confidence in Horth, and that his appointment gives Vaughan the ability to focus on the company's overall direction.

"Geoff possesses the appropriate skills and experience to lead the next stage of M2's evolution. This enables Vaughan to focus on strategic opportunities and to work closely with Geoff and the board on ensuring that the company most effectively capitalises on opportunities presented to it by the various industry structure changes afoot," he said.

The company also reported a 72 per cent earnings increase in its financial results today for the full year to 30 June 2011. Its total revenue of $426.8 million was up 5 per cent from the previous year. M2's net profit after tax result for the year ending 30 June 2011 was $27.6 million.

It also will begin a phased deployment of its business support system next month, which the company believes will provide savings in operational costs, and improve efficiency, time to market and product design.