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- Smartgroup Corporation (SIQ) Managing Director and Chief Executive Officer Tim Looi submits his resignation following three years at the company’s helm
- Mr Looi has been with the company for over 14 years, holding several positions, including an 11-year tenure as Chief Financial Officer
- The outgoing CEO says he has “mixed emotions” over his decision but stated now is “the right time to step aside”
- Mr Looi will remain with the company until a successor is appointed later this year
- Today’s news comes as SIQ releases its annual report for the 2022 calendar year, flagging a marginal dip in revenue to $224.7 million and a 12 per cent drop in profit after tax to $61.2 million
- The company has declared a final dividend of 15 cents per share and a special dividend of 14 cents per share, both fully franked
- Smartgroup Corporation shares are up 8.08 per cent to $6.15 at 10:27 am AEDT
Smartgroup Corporation (SIQ) Managing Director and Chief Executive Officer Tim Looi has submitted his resignation following three years at the company’s helm.
After more than 14 years with the company, Mr Looi will now step down after the SIQ board completes a search for his replacement, with the company planning to complete the transition before the end of the year.
Mr Looi held several positions within Smartgroup over the years, including serving in the role of Chief Financial Officer for an 11-year tenure, before being appointed as CEO in February 2020.
As CEO, he guided Smartgroup through the pandemic and established the organisation’s “Smart Future” to enhance its customer experience offerings, digital platforms and operations.
Smartgroup Chair Michael Carapiet said the CEO’s contributions to Smartgroup over more than a decade had been “invaluable”.
“Tim has been responsible for integration of the various acquisitions Smartgroup made over the last decade, harmonising the brands and teams, and he has continued the group’s strong record of client wins and retention,” Mr Carapiet said.
“On behalf of the board, we thank Tim for his valuable contribution and wish him well into the future.”
Mr Looi said he had “mixed emotions” over his decision, but stated now was the “right time to step aside” and take a “career break”.
“As I near 14 years of service, the last three as CEO, I am proud of the growth that we have achieved and the capabilities we have developed,” Mr Looi said.
Mr Looi will continue in his role until a replacement has been appointed to ensure a smooth transition.
Today’s news comes as SIQ releases its annual report for the 2022 calendar year, flagging a marginal dip in revenue to $224.7 million and a 12 per cent drop in profit after tax to $61.2 million.
Still, with a “strong” operating cashflow of $71.6 million, the company has declared a final dividend of 15 cents per share and a special dividend of 14 cents per share. Both dividends will be fully franked.
Smartgroup Corporation shares were up 8.08 per cent to $6.15 at 10:27 am AEDT.
