Navitas CEO and co-founder steps down

Rebecca Gredley | 12 Oct 2017

Page 1 of 1

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.


AAP logo image

© [2017] Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

This report appeared on 2018 Morningstar Australasia Pty Limited

© 2018 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This information is to be used for personal, non-commercial purposes only. No reproduction is permitted without the prior written content of Morningstar. Any general advice or 'class service' have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), or its Authorised Representatives, and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Please refer to our Financial Services Guide (FSG) for more information at Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product's future performance. To obtain advice tailored to your situation, contact a licensed financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). The article is current as at date of publication.