Brisbane-based cloud technology company Megaport (ASX: MP1) has moved quickly to replace its CEO with the announcement today that Cisco veteran Michael Reid will step into the role vacated by Vincent English three weeks ago.
However, today’s appointment was accompanied by news of another senior executive departure at Megaport after chief financial officer Sean Cassidy handed in his resignation, effective immediately.
Reid is currently chief revenue officer for ThousandEyes, one of Cisco’s fastest growing SaaS (software as a service) businesses that provides monitoring and trouble-shooting services for digital networks globally.
Reid, a San Francisco-based Australian who has developed a strong market profile in his role at ThousandEyes, will officially take the helm at Megaport on 15 May 2023.
However, Reid will initially lead Megaport from the US with the expectation that he will relocate to the company’s Brisbane headquarters by July.
English, who has been CEO of Megaport for the past six years, officially leaves the company on 30 April after agreeing to remain available to advise and assist Megaport with the leadership transition.
Since English’s resignation on 7 March, Megaport chairman and founder Bevan Slattery has been overseeing operations at the IT infrastructure company as interim CEO.
“Michael is a proven technology growth leader with deep experience in developing and leading multiple global recurring revenue SaaS businesses,” says Slattery, following Reid’s appointment.
“His expertise and drive will be pivotal to strengthening Megaport’s go-to-market strategy and product roadmap and leading the company into its next stage of growth.”
Reid is no stranger to Brisbane where he gained a degree in aerospace engineering from QUT. He brings more than 19 years of industry experience to Megaport, with the company praising his contribution to the growth of ThousandEyes into ‘the largest cloud, SaaS and internet visibility platform in the world’.
Megaport notes that Reid expanded the ThousandEyes team from 150 to nearly 400 during his tenure, while also growing annual recurring revenue by 2.4 times and expanding the business globally.
Reid’s LinkedIn profile reveals he has spent 15 years with Cisco during which he participated in ‘several acquisitions’. Reid served as head of global sales for many Cisco acquisitions during his time with the software giant, including leading sales for the northern region of Australia.
Megaport says Reid is known for his ‘passionate and transformative sales and global go-to-market leadership focusing on culture, people and execution’.
“I firmly believe that harnessing and maintaining the unique identity of hyper-successful teams like that of ThousandEyes is fundamental to continued success,” Reid says in his LinkedIn profile.
“Since Cisco’s acquisition, ThousandEyes’ cloud and internet intelligence technology has been integrated at warp speed across Cisco products to deliver the visibility that our customers need and want in a hybrid cloud world.”
Reid has been offered a base salary of $1 million to lead Megaport, plus short-term incentives of up to $2 million and long-term incentives of up to $2.25 million.
Meanwhile, Leticia Dorman has been appointed as interim chief financial officer while Megaport undertakes a global search to replace Cassidy.
Dorman, a former head of revenue at Brisbane Airport Corporation, has been with Megaport since October 2021 as head of finance.
Shares in Megaport, which took a hit following news of English’s resignation earlier this month, were up 20c to $4.25 at 2.45pm (AEDT) – still well off their 2023 high of $7.90 reached in January.
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