The chief executive of Aussie contracting group Service
Stream has stepped down, following what he described as a "very
disappointing" period for the company financially.
Service Stream provides, among other things, infrastructure
deployment and management services to a number of local telcos and
other utilities, making it one of the key contractors to companies
In a statement to the Australian Stock Exchange this morning, it
said its chief executive Patrick Flannigan would step down after
leading the company since September 2004. Claiming the company was
positioned very well for a return to growth in the 2009/10
financial year, Flannigan said it was timely for a process of
renewal to take place at Service Stream.
"It has been a pleasure to work with such a committed management
team and I am very proud of what has been achieved at Service
Stream over the last five years, in a very large way brought about
by the efforts of our 4000 plus workforce," he said.
Service Stream has contracted an executive recruitment firm to
undertake a local and global search for a replacement for
Flannigan, taking also into account internal candidates.
The news came as the company said it had felt the impact of the
"further softening" of the economy. It expects to report earnings
before interest, taxation and depreciation of $30 million for the
2009 financial year, on revenue of $550 million, a result Flannigan
described as "very disappointing".