KAZ Group founder and CEO to step down
KAZ Group founder and CEO to step down
Peter Kazacos has announced that he is to relinquish his position as CEO and managing director of outsoucing company KAZ in order to take up the new role of deputy chairman, where he will turn his focus towards major strategic initiatives.
Kazakos, who founded KAZ 15 years ago, will remain as CEO until a replacement has been found.
"By making this move I will be able to hand over the daily responsibility of running a public company and free up more time to pursue strategic opportunities for KAZ group," he said.
"I believe that to take the company to the next level, we need a CEO that can actually focus on (management and finance issues) that we have now, freeing me up to focus on the technology issues that we face in the company going forward, as well as the strategic issues."
Kazakos dismissed suggestions that the change was influenced by the drop in the share price, which had fallen from around 27 cents per share in January to 14 cents when the shares were suspended last week.
"I have come to the decision to step aside over a period of time," said Kazakos. "The share price is merely indicative of the current market conditions and has nothing to do with my decision."
On the matter of finding a replacement for Kazakos, KAZ chairman Tony Hartnell commented: "We do not have a particular person in mind. We are going to engage a search firm to help us. The fact that we have made this announcement means that we can be upfront in our search as it is public knowledge that we are in the market for a new CEO."
Hartnell added that the company would be looking for someone who can take a "very heavy management load and come out the other side smiling with a profit."
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