Adelaide-based Internet of Things (IoT) technology company, Xped, is seeking a new CEO amid an organisational restructure.
As part of the re-organisation, Athan Lekkas will step down from the helm in six months but will remain a director.
Managing director Martin Despain and director Dr Wenjun Sheng will resign from the board but will remain at the company as consultants, while John Schultz has tendered his resignation as a director.
The changes follow the appointment of Peter Hunt as non-executive chairman of Xped earlier in September.
Hunt said that the Xped board would continue to have a “strong focus on cost reduction and revenue generation” amid ongoing changes.
“The company believes that significant cost savings and business development benefits will be realised immediately by the re-organisation while simultaneously freeing up Athan, Martin, and Wenjun to focus on their critical business development roles within Xped’s operations,” Hunt said.
“The outcome of these changes will positively impact the company balance sheet this financial year with fixed operating costs reducing by a further $1 million in the current financial year.”