Accounting software provider MYOB has announced that Greg Ellis, the former chief executive of German online classifieds company Scout24 AG, will succeed Mr Reed as chief executive from 16 September.
Mr Reed, who has spent the last 16 years at MYOB, including 12 years as chief executive, will continue to support MYOB’s business strategy in the role of adviser.
Incoming chief executive Mr Ellis has over 30 years’ business experience, including 10 as a CEO, within the online industry across digital advertising, e-commerce, telecommunications and software.
Prior to Scout24 AG, Mr Ellis was chief executive at Australian online real estate company REA Group from 2008 to 2014.
He was also REA’s member representative on the Business Council of Australia for three years, and prior to that, was marketing director Asia online services at Microsoft, managing director of the online division for Truvo BV as well as managing director of Sensis Interactive and group manager of marketing for Telstra Corporation.
The announcement follows in the wake of the $2 billion acquisition of MYOB by US-based equity giant KKR. Protracted negotiations over half a year saw a revision of KKR’s original offer, as well as a major stakeholder speaking out against the takeover bid.
Reflecting on his tenure, Mr Reed said this was the right time for him to step down as the company embarked on a new chapter.
“MYOB is now at an inflection point, meaning it is the right moment for me to step down in order to let the next CEO own and drive the transformation project forward,” Mr Reed said.
“I remain a committed investor and look forward to seeing the business reach new heights in the years ahead.”
MYOB board member and head of KKR Australia Scott Bookmyer said the company was “deeply grateful” for Mr Reed’s service and was looking forward to continue working with him.
“Tim’s leadership at the helm of MYOB for the past 12 years has built a truly great and innovative technology company that is positioned for exciting growth,” Mr Bookmyer said.
“Greg is one of the most accomplished Australian executives in the industry and has distinguished himself with an extensive track record of building high-growth technology companies.
“His deep industry knowledge and ability to deliver value during his more than 30-year career at companies including Scout24 and REA gives the board confidence in his ability to lead MYOB forward into its next phase of growth.”
Mr Ellis, who holds a bachelor of business from the Queensland University of Technology, said he was looking forward to working towards MYOB’s transformation strategy.
“I am excited to join the MYOB team, an iconic Australian and New Zealand technology business with a strong growth trajectory that is well positioned to capitalise on new areas of growth,” Mr Ellis said.
“The opportunity to join MYOB just as the business starts its next phase of development, coupled with supportive investors and a clear go-forward strategy, is a really exciting proposition.
“I look forward to getting to know the team, clients and partners in the weeks to come, and making rapid progress towards our transformation goals when I join in September.”
MYOB latest results for the last calendar year include a 7 per cent revenue increase and a 57 per cent increase in online subscribers. It believes it is on track to reach its goal of 1 million subscribers by 2020.
More to come.
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
With a focus on breaking news and exclusive analysis, Jotham keeps Accountants Daily readers up to date with company moves, tax updates and essential business and client strategy.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.