Bill Barney, Chief Executive Officer (CEO), Pacnet has called it quits at the organisation.
Pacnet operates the EAC-C2C subsea cable network. Barney?s departure comes as a sudden development for Pacnet. As an interim replacement the company has appointed Brett Lay, Chief Financial Officer (CFO), Pacnet as CEO.
With Barney stepping down as CEO, he will be no longer serving on the Pacnet board. Barney has been CEO of Pacnet and Asia Netcom for over a decade. In 2007 Asia Netcom merged with Pacific Internet to form Pacnet.
No clear explanation has emerged from the company or Barney for his resignation. Lay who is going to be the acting CEO has 25 years of industry experience and has been serving as Pacnet?s CFO for the last five years.
It is believed that Barney?s departure comes at a time when there are talks of Indonesia?s PT Telkom planning to acquire Pacnet, in a deal which would value Pacnet at around Rs 1 billion inclusive of debt.
