Part of being a good businessman is knowing when to hold 'em and knowing when to fold 'em. For the founder and CEO of iiNet, Michael Malone, it's time to push back from the table: after two decades at the helm, he's finally giving up his spot at the head of the company.
Malone has actually been on leave from the company since November last year, taking stock and deciding his next move.
Today he finally announced that he's leaving the company:
"During this time away from the business, it became clear to me leading iiNet and its passionate staff requires 24x7 commitment, energy and enthusiasm. I have been able to achieve that for over 20 years but have come to the point where I want to dedicate my time to other opportunities," he said in an announcement today.
He added that iiNet has never been in better financial shape, making the decision to leave a bit easier.
During his tenure, Malone has overseen countless acquisitions, regulatory fights between Telstra and new ISP players as well as one of the biggest court cases relating to internet piracy in the nation's history.
He's done right by Australia's broadband community, and we salute his efforts.
Good innings, Michael.
iiNet's chairman, David Buckingham, will take over for the time being until the next head of iiNet can be found.