Engin appoints new CEO, CFO & COO

Stuart Corner
Sunday, 27 September 2009 18:05

IT Industry - Strategy

Charles Solomon, who has been general manager of VoIP service provider, engin since October 2008 has been promoted to CEO and the company has filled new CFO and COO role with internal promotions.

Solomon, formerly the company's sales and marketing manager, was made general manager following the resignation of CEO Mark Zworestine. Chairman Ian Smith said: "Charles has proved to be a strong business leader in his role as general manager....Together with the senior management team [he] has transformed engin into a market focused company with a demonstrated ability to deliver profitable growth."

Matthew Gepp, currently the head of finance, has been appointed CFO of the company. He joined engin in February 2008 as financial controller having spent 10 years working in the European telecommunications sector in a number of senior finance roles.

Also, Graeme Dollar, who joined engin in August 2007 and who heads operations has been made COO Before joining engin he spent 12 years working in various development and product management positions in Silicon Valley. He was a member of the founding team of Sylantro (a pioneering VoIP company) and spent four years at Yahoo!, where he was responsible for Yahoo!'s voice services.
In its results for the year to 30 June 2008 engin showed signs of improvement. It significantly reduced full year EBITDA and after tax net losses for the year and achieved a small positive EBITDA and cash flow in the second half.

For the full year Engin reported a loss after tax of $6.8m compared to $12.2m in the previous year. EBITDA was negative $1.5m compared to negative $8.4m last year. In the second half of 2009. EBITDA was positive $0.1m and the cash reserves at 30 June $4.3m, the same as at 31 December 2008 but $2.3m down on 30 June 2008. Revenue for the full year was $20.1m, fractionally up on $19.8m for FY08. Services in operation were up 6.3 percent to 67,000.

The result meant that the company delivered on the promise made to shareholders at its 2008 AGM when chairman Ian Smith said the company expected to achieve cashflow and EBITDA breakeven on a monthly basis in the current financial year.  Eighteen months earlier it had been struggling.