Zylotech forces CEO out

Zylotech CEO, Nicholas Sikiotis has been forced out of his position, due to ‘irregular transactions.

Fresh off its distribution deal with Avnet, the local security surveillance vendor has terminates its Sikiotis’ employment contract on 22 December.

According to a statement to the ASX, the company identified a number of irregularities in transactions between Zylotech and a related party to Sikiotis.

Vice Admiral Don Chalmers, chairman at Zylotech, stated that Zikiotis’ involvement in those transactions constitutes breaches to his employment agreement with the company.

Steven McKay, executive director at the company, has been appointed interim CEO until further notice.

According McKay he has appointed Dr Maher Magrabi as the company’s technical director and will spearhead the research and development and technical operations at Zylotech.

“The challenges ahead are real but I draw great comfort in the knowledge that I will be supported by a formidable leadership team,” he said.

McKay will be supported by Rob Kelly – GM sales and marketing; Nandan Keerthi –
GM channel and business development; Tim Dobbin – GM sales and distribution; Miljenko Mileusnic – operations manager; and Dr Maher Magrabi – technical director, GM engineering and innovation.
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