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iiNet Limited (ASX:IIN) has started to search for a new chief after its CEO, board director and founder Michael Malone resigned from his role today after 20 years in the organisation. 

 

The internet service provider says Mr Malone has been on a sabbatical since November 2013 and made the decision to depart while on extended leave. 

 

While he was away David Buckingham was acting as the company’s CEO and will continue in the position as the board conducts an international search for a replacement. 

 

The Perth-based telco says it hopes to have secured a replacement CEO before the end of the current financial year (30 June, 2014).  

 

Mr Malone says he is leaving the company in the best financial shape it has ever been in with a strong growth plan for future success. 

 

iiNet reported a net profit of $29.1 million in the first half of the 2014 financial year.