Cosmos MD resigns

The managing director of Sydney electronic billing systems company Cosmos, Bob Tynan, has resigned to care for a family member.

A Cosmos Group statement said that Tynan, who had also indicated he would not seek to renew his contract in 2004, had stood down from the ASX-listed company.

Tynan would remain on the board as a non-executive director, it said.

Cosmos Group chief operating officer Nigel Purves would take the reins from Tynan, filling the post of managing director and that of CEO.

"Bob will be missed, having been responsible for the complex integration of the Group's business divisions during the last year," Purves said.

Purves said that Cosmos expected a good 2004.

"The Group is nonetheless well-positioned to now harvest the benefits that are accruing from a consolidation of the different businesses," he said.

Purves said Cosmos' share price was beginning to go up and 'recent press' suggested that the electronic billing and data systems market could be in for a good year.