Julie-Ann Kerin has stepped down from the role of CEO and managing director of publicly listed services provider CSG.
Kerin, who held the role of CEO and managing director for seven years having been appointed in 2012, announced to shareholders that the resignation was effective immediately.
Replacing her as acting CEO and managing director, is Mark Bayliss who will step aside from his current role as chairman of CSG's board.
The changes are a result of CSG's "strategic transformation" dubbed "CSG 2021", with the company stating that in order for the strategy to be best implemented a change of leadership is required.
In May 2018, CSG warned shareholders that Kerin has had criminal charges filed against her by Victoria’s Independent Broad-based Anti-corruption Commission (IBAC).
Once its strategy has "further progressed", the board of CSG will undertake a selection process for a new CEO and managing director.
“Significant efforts have been made to revitalise the company’s culture and strategy, and position the business for sustainable growth," said Bernie Campbell, independent non-executive chairman of CSG. "Our strategic transformation program is not over yet, and we still have a lot to do in 2019.
"Today’s change in CEO and managing director is the next step in this process. I would like to thank Julie-Ann for the hard work and commitment she has given CSG during her time here, and wish her all the very best in her future endeavours."
Bayliss was the CEO of Grays eCommerce Group where he helped to significantly increase revenue and EBITDA.
Furthermore, he has also been a partner at Anchorage Capital, a private equity fund specialising in the turnaround of underperforming businesses, as well as CFO roles at Australian Discount Retail and Fairfax Media.
“Mark is well known to CSG’s senior leadership team and shareholders, having led the team responsible for CSG’s cultural change and operational transformation, returning the Company to growth and strengthening its balance sheet," Campbell said
"Appointing Mark as acting CEO and managing director will ensure that the company’s transformation program and growth strategy “CSG 2021” will be best implemented."
CSG has seen net profit growth of 140 per cent to $1.2 million for the first half of 2019 financial year, ending 31 December.
Revenue was still in the red six per cent to $109.9 million, but Bayliss was pleased with the progress made in repositioning the company.
Meanwhile, underlying net profit was up 74 per cent to $3.3 million while earnings before interest, tax, depreciation and amortisation (EBITDA) grew 369 per cent to $7.5 million.