A management buyout at second-tier telco WorldxChange sees former director and CEO Cecil Alexander leaving the company.
As part of the changes, Alexander has been replaced as CEO by former COO Glenn Johnstone.
Johnstone says Alexander had been looking for a way to leave the company and return to the US.
“Cecil Alexander had wanted to go home for some time and he was looking for an exit strategy,” says Glenn Johnstone, now CEO at WxC.
“Plus we had key staff who wanted to get more involved and more focused on the opportunities that were opening up for us. With the MBO, circumstances have aligned, and it’s allowed us to lock in a new key management team, at a time when the market is looking fantastic for WxC.”
Alexander and WXC CTO Paul Clarkin both had a 50 percent stake in the company, says a spokesperson.
With the buyout Clarkin remains WXC’s CTO, and increases his shareholdings to 75 percent. Johnstone has a 2.5 percent share in WXC through a shell company.
In 2009 WXC was named Telecom’s service provider for new fibre based housing developments.
WXC has over 50,000 customers, according to WXC chief sales officer Mike Purchase. It's clients also include IAG, Transpower, Auckland Rescue helicopter and Navman, alongside a number of large Government accounts, says Johnstone. It's channel partners are Datacom and Dimension Data.