By Phil Boeyen, ShareChat Business News Editor
Tuesday 22nd January 2002
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The listed tech investment company, which has been leaderless since US-based CEO Jeff Dittus finished up last October, has appointed former exo-net executives, Maurice Bryham and David McKee Wright, to take over management of the company.
Mr McKee Wright joins as CEO and Mr Bryham becomes chief operating officer.
IT Capital chairman, John Robertson, said the pair are proven entrepreneurs and will oversee the growth of the company's portfolio, including Virtual Spectator, Deep Video Imaging, Terabyte and Golden Orb.
"Together, Mr Bryham and Mr McKee Wright were responsible for the commercialisation and globalisation of start-up e-business software company, exo-net international.
"This management team has the ability to attract fresh capital while at the same time providing the portfolio companies with operational management advice."
Exo-net was a one-time IT Capital investment. It bought a 35% stake in exo-net for $1.5 million and sold it 18 months later to Australian tech company Solution 6 for $12.7 million.
Mr Robertson says over the past 12 months IT Capital responded to difficult market conditions by rationalising operations and cutting costs while continuing to support core investments.
"To deliver shareholder value in 2002, IT Capital required the services of talented individuals with proven track records in building profitable businesses and I am confident that this has been achieved with the appointments of Maurice and David who have already had a successful association with IT Capital."
David McKee Wright is a former CEO of one of New Zealand's biggest computer retail success stories, PC Direct, and more recently has been heading up Solution 6's office in New Zealand. Maurice Bryham co-founded PC Direct and exo-net.
Mr McKee Wright says the pair are excited at the chance to drive IT Capital's growth.
"Having founded, developed and profitably exited two high profile technology companies we are ready to take on the challenge of applying our proven methods and systems to more than one company at one time."
Despite strong support for investments such as Virtual Spectator and Deep Video Imaging, confidence in IT Capital has been severely dented by the tech wreck, the management's general lack of direction and its inability to raise further capital.
Last year's blundering investment in Streamlink raised further concerns and the market will now be keen to see what the new team can achieve.
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