Vocus has appointed M2 founder Vaughan Bowen as its new chairman, replacing David Spence who announced his retirement back in August.
The troubled telco also appointed Robert Mansfield to the role of deputy chair, replacing Craig Farrow.
Farrow isn’t completely stepping away from Vocus, however; he will stay on the board as a non-executive director and remains a member of the company’s technology & transformation committee.
“The board believes that given the critical stage of the company in its transformation program, the absolute priority in terms of appointing a new chairman was to ensure that the positive momentum the company is now experiencing be maintained,” Farrow said in a statement.
“The company will continue its board renewal process over the year ahead, to ensure that we continue to build upon board capability and independence.”
Bowen thanked Spence - who has been chairman of Vocus for seven years - for “stewarding [the company] from a startup through to its current place as a large scale, diversified player in the Australian and New Zealand telecommunications sectors”.
Investors will need to continue to wait until the company’s AGM later this month to get answers on exactly why Spence has decided to step down.
The timing is critical for Vocus; after twin profit downgrades and a now-abandoned attempt to sell the company, Vocus is hoping to trade out of trouble on its own.
The telco is also trying to ward off a planned class action lawsuit over its executive decisions and financial performance.