Michael Malone joins Yatango board

Mobile virtual network operator (MVNO) Yatango has lured three big names in the telecommunications industry to its board ahead of its impending initial public offering (IPO).

iiNet founder Michael Malone, ActewAGL founder John Mackay and Virgin Mobile founder and former T-Mobile CEO Tom Alexander were today announced as the three new Yatango board members.

Malone and Alexander will become non-executive directors, while Mackay will join as non-executive chairman.

The company is due to land on the ASX next month through a backdoor listing with resources company Latitude Consolidated Limited

Yatango has traditionally operated as an MVNO for the Optus network, but plans to expand into an online lifestyle brand.

It has already extended its operations into online shopping through Yatango Shopping, and CEO Andy Taylor - founder of peer-to-peer lender SocietyOne - has previously signalled the proposed launch of Yatango Money following the company's IPO.

Taylor today said the three new board appointments signified the "immense opportunity we have to position ourselves as a leading global player in the industry and demonstrates a strong validation of our business model and growth trajectory". 

Malone - who sits on a number of other boards including Diamond Cyber and Speedcast (as does Mackay) - said the Yatango business model was "dynamic and innovative".

"I look forward to the the opportunity to work with a highly driven and exciting team and help support the business through its growth phase," he said in a statement.

Virgin Mobile founder Alexander said Yatango had the ability to "disintermediate stale industries through disruptive platform technology".

"Joining a business at this critical stage of growth and expansion provides an exciting opportunity to add strategic value and experience having built and led a successful global brand and business from the ground up," he said in a statement.

The board appointment are pending shareholder approval and completion of Lattitude's acquisition of Yatango.