Michael Malone has resigned as chief executive of iiNet, more than 20 years after co-founding the internet services provider.
Mr Malone, who co-founded the company in a garage in Perth in 1993, announced his resignation on Friday.
The announcement comes four months after Mr Malone temporarily stood down as managing director to take what he said was his first substantial break from the company in two decades.
Mr Malone said he decided he wanted to pursue other opportunities while on leave.
“During this time away from the business, it became clear to me leading iiNet and its passionate staff requires 24×7 commitment, energy and enthusiasm,” he said.
“I have been able to achieve that for over 20 years but have come to the point where I want to dedicate my time to other opportunities.”
He said the decision to move on was difficult but he was confident the company was in good shape.
“It’s never easy to say goodbye, but this is an ideal time to leave. iiNet is in the best financial shape it has ever been and has a strong growth plan for future success,” he said.
Chairman Michael Smith said the company was incredibly proud of Mr Malone’s achievements.
“Michael is a legend and a telecommunications visionary; he has been the foundation of iiNet’s success,” he said.
“We are committed to ensuring his legacy and story lives on.”
Acting chief executive David Buckingham, who has been in place since Mr Malone went on leave, will continue to lead the company while the company considers options for a new permanent CEO.
“The board will ensure that the next iiNet CEO is the best available. If that turns out to be David, we will be delighted,” Mr Smith said.
Shares in iiNet were up 16 cents, or 2.11 per cent, to $7.76 at 1234 AEDT on Friday.