KAZ Group's Peter Kazacos has announced his intention to relinquish his position as CEO and MD of the local outsourcing company he founded 15 years ago.Kazacos would move into a new role as deputy chairman and focus on strategic initiatives, according to an ASX statement issued Monday.
He would remain in his current role until a replacement has been found, with the search commencing immediately, KAZ said.
In the statement, Kazacos said: "By making this move I will be able to hand over the daily responsibility of running a public company and free up more time to pursue strategic opportunities for KAZ group."
The KAZ board has supported his decision, saying the change will be positive for KAZ as current strategic opportunities require his "involvement and vision." The group wants an "experienced operational executive ideally with a background in large public company management," the statement said. KAZ Group shares were trading at 15.5 cents a share following the announcement on Monday morning.