iiNet, one of the biggest telecommunications company in the nation is experiencing a management shakeup after CEO Michael Malone steps down after founding the company 20 years ago.

The company started out as a small Perth – based internet service provider has more than 1.3 million subscribers in the nation, making it the second largest, second to Telstra. Mr. Malone made the decision after being away for three weeks in Argentina. He said that the experience of having no phone or internet access made him contemplate on what he wants to do in the future.

The former CEO has no immediate plans of selling his remaining shares, after selling $28.5 million of the company in 2013. He believes the company is still in a healthy position to compete. iiNet Chief Financial Officer David Buckingham will head the company while it awaits Mr. Malone’s replacement.

Read more about this on the Age website.