TechnologyOne CEO and founder hands reins to current COO
TechnologyOne's Adrian Di Marco has announced his resignation as chief executive officer for the company he founded 30 years ago.
Di Marco has handed the chief's position over to the company's long-serving chief operating officer, Edward Chung, who has been an executive of the Australian Securities Exchange (ASX)-listed company for approximately 10 years.
The ERP software provider told shareholders on Friday that Di Marco will remain with TechnologyOne in the capacity of executive chairman.
"These changes have been a long time in the planning and it will be no surprise to the market," the outgoing CEO said. "It has been openly discussed for the last few years with shareholders and staff. Over the last five years we have built a very strong and talented executive team, and Edward has proven himself to be an outstanding leader and chief operating officer."
The announcement coincides with TechnologyOne's 30-year anniversary, with Di Marco commenting the business has gone a long way since starting in a small demountable at the front of a hides processing plant in the outer Brisbane suburb of Hemmant.
"I believe having now reached our 30-year milestone and considering the significant opportunities ahead of us, it is the perfect time to commence the transition to a new generation," Di Marco added.
"The next 10 years will be an exciting period of strong growth for TechnologyOne as we roll out the TechnologyOne Cloud, as our new generation enterprise system Ci Anywhere enables the digital economy, as our geographic expansion continues in the UK, and as we look to expand into new geographies."
Di Marco said he intends to remain a major shareholder of TechnologyOne.
The changes announced on Friday will be effective May 23, 2017, after the release of the company's half-year results.
For the 2016 financial year, TechnologyOne reported a 16 percent year-on-year increase in net profit after tax to AU$41.3 million, and experienced its 17th consecutive year of record revenues, with FY16 revenue totalling AU$249 million.