Newell says he is leaving the company to return to Australia in order that his children may complete their education. He has worked in the UK for the last 10 years and prior to joining earthport two years ago held senior positions at Barclays Bank and Bank Austria Creditanstalt.

News of his departure comes the day after earthport announced plans to sack 44 staff in a bid to cut costs and preserve financial stability. The company insists the split is amicable. Newell, who will continue to act in an advisory capacity, says he will work alongside Baile prior to returning to Australia in July to ensure a smooth transition.

Before joining earthport, Baile was executive vice president of marketing and business development at Sila Communications, a wireless solutions company partly owned by Reuters. Previously, he was managing director of wireless services for Reuters having held a range of sales and marketing and management roles during a 15 year career with the news and information group.