Media Centre
Uecomm CEO Announces Resignation
Melbourne, Australia - 18 August 2004 - Uecomm's Chairman, Mr Peter Shore, announced today that the company's Chief Executive Officer, Mr Peter McGrath, has advised the Board of his intention to resign his position. His resignation will be effective 29 October 2004.
"When Peter accepted the position of CEO in July 2001 he had three key objectives for the business. The first to be EBITDA positive; the second, profitable after tax; and third, to be free cash-flow positive. Under Peter's guidance and leadership, all of these goals have been achieved. He also made a significant contribution to the exceptional growth of the company over the past three years," said Mr Shore.
Mr McGrath said that he was very proud of what Uecomm had achieved and the part he played in the re-building of the company. "On being appointed CEO, I recruited a new management team and key sales and marketing staff comprised of talented individuals whose experience and drive has seen Uecomm develop into the successful business it is today."
As CEO, Peter developed and implemented a plan to restructure and revitalise the business, which resulted in the company returning to profitability. "In a relatively short time-frame, the Company has developed a reputation for being highly customer focused, flexible with its service offerings and very nimble. Uecomm's sales team in particular is regarded highly in the marketplace due to their professionalism and expertise."
Mr McGrath continued in saying," I feel that this is the right time for me to move on and I am confident that Uecomm will continue to grow and prosper within the Optus/SingTel group of companies."
The Board wishes to thank Peter for his exceptional contribution.
"Peter has shown strong leadership qualities, strategic insight and a great ability to build shareholder value," said Mr Shore. "He made the hard decisions early as part of the restructure process, and has achieved an outstanding result in a short period of time."
The Board wishes Peter all the very best for the future.
