Zylotech loses its CEO

Local IP security surveillance vendor loses its CEO and executive director, chairman and non-executive director in one fell swoop.

After months of 'tumultuous waters' at Zylotech, original board members Steve McKay CEO; Don Chambers - chairman; and Dr Lawrence Ang - non-executive director, have handed in their resignation.

They will make way for a new board led by, Peter Granger as chairman; Dai-Kyu Kim as CEO (effective immediately); and Jury Wowk as company secretary.

Members of the new board were voted in through an EGM, held in April, and put forth by one of the vendor's main shareholders, Deancorp.

 Don Chambers, ex-chairman of Zylotech said Jason Brown will remain as a director, with full support from the new board.

"I would like to take this opportunity to pay tribute to my fellow directors who have had to navigate through tumultuous waters during the last five months," he said.

"They have acted in the interest of all shareholders at all times and I thank them most sincerely."

The resignations suggest a closing to troubled times for the local vendor.

Malcolm Fraser-Clay, principal of Deancorp, told CRN, the majority of shareholders were happy with the change of the board.

"Jason Brown has a wealth of knowledge specific to Zylotechs industry and the three new nominated directors are well known in the business community for their business acumen transparency in business," he said. 

"I believe its the best result for all stake holders."

While he was not happy with how Steve McKay, Don Chambers and Dr Lawrence Ang acted, he wished "them the best in their career paths".

Despite signing its first local distribution deal with Avnet in 2008, Zylotech has been besieged with internal strife.

Problems for the vendor started with the sacking of its then CEO, Nicholas Sikiotis towards the end of last year.

Since the sacking, the beleaguered vendor has faced many questions about the competency of its senior management from its shareholders.