TZ Limited announced in an ASX filing last week that the board of directors has appointed Mario Vecchio as the new Chief Executive Officer, after Managing Director and CEO Scott Beeton resigned from the role. While the company did not provide a reason for Beeton's departure, he had joined as CEO only last March, with the board of directors at the time citing his experience and expertise in financial oversight.
Vecchio had previously served as a non-executive director on TZ Limited's board in 2018, but subsequently joined Aryaka Networks and had to step down from TZ Limited due to the time commitment involved in his new role. He has three decades of experience with technology-based companies, deep technical expertise gained from his years in the industry, and a proven track record in building these companies, such as Progility Technologies, which he founded in 2008 and grew to over A$150 million in revenue. He has held prestigious technical positions in global companies like Siemens and Cisco Systems. In his stints at Aryaka Networks and APJC Bigswitch, Vecchio took the revenues of those companies' Asia businesses from zero to 10% and 20% of global revenue respectively.
Returning as to TZ Limited as CEO, Vecchio will be using the in-depth knowledge he had previously acquired during his time on the board. According to the announcement, he has put forward a strategic proposal to create TZ’s brand as a “cloud-based software consumption business”.
On Vecchio’s return as CEO to the company, Peter Graham, TZ Limited Chairman, said that he will play an instrumental role in driving TZ’s growth in recurring software revenues.
Vecchio will start with a base salary package of A$300,000 per annum.