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Navitas CEO and co-founder steps down

Rebecca Gredley  |  12 Oct 2017Text size  Decrease  Increase  |  
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SYDNEY - [AAP] Navitas (ASX: NVT) co-founder Rod Jones will step down as the education company's chief executive and managing director in 2018, ending 14 years in the role.

Mr Jones will remain CEO until March and managing director until June, before returning to the company as a non-executive director after a leave of absence of between six and 12 months.

He will be succeeded by the education provider's chief financial officer David Buckingham, who will be paid a salary of $1 million per year for the top role, Navitas said in a statement.

Mr Buckingham was CEO of iiNet prior to joining Navitas as CFO in 2016.

Shares in the education giant dropped sharply in August after it announced an 11 per cent drop in its full year profit to $80 million.

Its revenue was weaker due to the closure of two colleges in Sydney, and Navitas said a decline in government-backed language training contracts had hurt the outlook for its English language training division.

Within Australia, Navitas has delivered government contracted settlement services in English, education, and employment pathways, focusing on migrants and refugees.

Navitas shares were up 6 cents, or 1.3 per cent, at $4.68 at 1345 AEDT.

 

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