Vocus boss bows out after loss

VOCUS chairman David Spence is stepping down after the ailing telco posted a $1.46 billion full-year loss, weighed down by tough market conditions and its messy integration of acquisitions.

Mr Spence will not be standing for re-election at Vocus’s annual meeting in October, retiring after seven years on the board.

The announcement of his departure comes after the collapse of takeover talks between Vocus and two private equity suitors – Kohlberg Kravis Roberts and Affinity Partners – this week.

Vocus’s senior management has been under pressure for the past 12 months amid a string of profit downgrades, while the poor integration of its M2, Amcom and Nextgen Networks business has wiped billions from its market value.

Its shares yesterday closed up 0.8 per cent at $2.64.