IT&e Limited (ASX code: 'ITE' AIM: 'ITEL') announces the forthcoming retirement of Mr. David Bell as Chairman and Independent Non-executive director of the Company.
David Bell has notified the Company that he will retire, and not seek re-election, at the Annual General Meeting this year. David has given advance notification to the Company, so that the Board will have time to recruit a suitable replacement. The Board has engaged the services of Korn/Ferry International to assist with this recruitment.
David has been an independent non-executive director of the Company since 29 November 2002, and at his retirement will have completed 5 years service with the Company. David became Chairman in October 2005.
Under David's guidance and leadership, the Company developed and executed upon a strategy of transitioning from a domestic IT services business with one principal client, into a specialist technology services and software provider to the global financial markets.
During this 5 year period the Company met key target points in this strategy, including:
- Late 2002: commitment of R&D to develop the Razor risk management software product
- May 2003: acquired synergistic product company for the PTX trading product
- October 2003: sold Razor to ANZ Bank as first reference customer
- October 2004: acquired Treasury Management Systems for the Monarque product with an established presence in NY & London
- Established key reference accounts for Razor in Europe and the Americas with HSBC, Royal Bank of Canada, Man Group & Federal Home Loans Bank
- Broadened the customer base of PTX with addition of major new reference accounts with nab and Queensland Treasury Corporation and sale of additional modules to ANZ
- Diversification of the Company's revenue so that currently more than 45% is derived from offshore clients & more than 75% from sale of the Company's software products and associated services
- Obtained dual listing on the AIM Market in London to help develop the Company's profile with off-shore clients and investors
The Board would like to take this opportunity, prior to the AGM, to thank David for his hard work and extremely valuable assistance as ITE completes its transitions to a global software products business.