Sunday, 30 November 2014 – Sydney – Global automotive industry technology company Infomedia Ltd (Infomedia) announces that its founder Mr Richard Graham has retired from his role as a non-executive Director, effective today.
“I am very satisfied with Infomedia’s achievements and I am fulfilled having worked with so many committed and visionary people inside the Company, and amongst our clients, and amongst the investment community”, Mr Graham said.
“I have confidence in Board and Management and I envision Infomedia’s bigger destiny still lies before it.”
Following the sale of 99% of his equity interest in August 2013, Mr Graham announced he would step down from his role as Executive Chairman within twelve months. The Board announced the appointment of long-serving executive Mr Andrew Pattinson as Infomedia CEO in November 2013. Mr Graham retired from the chairmanship in February 2014, and was succeeded by Ms Fran Hernon as non-executive Chairman. Mr Graham remained on the Board as a non-executive director until his announcement today.
To provide context to Mr Graham’s decision, he stated: “It was my intention at the end of 2004 to retire from my long career in the field of micro-computer technology and apply myself, and what I had learned to that point in my life, to the field of agriculture, nutrition, and the humanities. However, by 2010 I was drawn back to operational duties in order to support the transition of the Company to a pure internet-based product-line, while at the same time mentoring a younger generation of managers who, in my view, are capable of capitalising on the Company’s position and strengths into the decade ahead.”
Infomedia Chairman Ms Fran Hernon said it was impossible to over-state the role that Mr Graham had played in Infomedia’s evolution.
“When Richard founded this company he pioneered and commercialised the idea of electronic parts catalogues and online delivery of parts and service data for the automotive industry – something which is widely accepted today but was a novel idea in 1990,” she said. “Richard took this idea and with tenacity and devotion guided Infomedia from a domestic software importer to the global technology innovator that it is today.”
In recognition of his contribution to the Company over a long and distinguished career, the Board is pleased to announce that following his retirement Mr Graham will be honoured with the title of Director Emeritus. Although this is an honorary title, it recognises his importance to the establishment of the company and enables the Board to access Mr Graham’s knowledge and expertise if and as required. He will not be a member of the Board nor will he receive a retainer with the title.
In his career with the Company, spanning a period of 27 years, Mr Graham has served in various capacities including, in its early years, as co-founder and managing director, and since the August 2000 IPO, as its Chairman (or Executive Chairman) and, for the majority of this latter period, its CEO. Under his guidance the Company developed a sustainable recurring revenue model, currently supported by 75,000 subscriptions. Its products are used by over 150,000 automotive dealerships personnel in more than 185 countries, and are published in 31 languages.
Mr Graham continues to own 4,043,001 shares in the Company or 1.3% of its issued capital.
The Company has commenced a search for a suitably qualified independent non-executive director replacement.