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Amcom CEO resigns after Vocus merger

Amcom's CEO of eight years, Clive Stein, has resigned from the company after it was successfully merged with Vocus.
Written by Josh Taylor, Contributor

Amcom CEO Clive Stein has announced that he will resign from the company after eight years, following the successful merger of the telecommunications company with fibre infrastructure company Vocus.

Earlier this month, shareholders beat TPG's threat to block the AU$1.2 billion merger, and overwhelmingly voted in favour of the merger of the two companies, with 77 percent of shareholders voting for the deal.

TPG had bought a 19.9 percent stake in Amcom, and announced intentions to block the merge, but failed after Amcom lobbied for shareholders to make their votes count, and obtained a 90 percent shareholder turnout for the final vote.

Following the successful implementation of the scheme of arrangement of the merger, Amcom announced on Monday that CEO Clive Stein will step down from the company, with Vocus CEO James Spencely becoming the CEO and managing director of the combined group.

Amcom chairman Tony Grist said Stein had worked for the smooth merger of the two companies over the last seven months, and had worked to grow the company tenfold since 2007.

"When Clive was appointed as CEO in 2007, Amcom's market value was around AU$60 million. Over the past eight years, Clive has steered the company to a tenfold increase in value during a period of great change in our industry," Grist said in a statement.

"He is an innovative leader. He is able to lead his teams to achieve outcomes they did not think possible. On behalf of the board and the rest of the Amcom team, I would like to thank Clive for his tremendous contribution to Amcom, and wish him the best for his next challenge."

Stein's resignation is effective as of Monday.

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