TechnologyOne founder Adrian Di Marco is stepping down as chief executive of the company to take an executive chairman position with the board.
Di Marco will be replaced by the company's long-serving chief operating officer, Edward Chung, who has been with TechOne for almost 10 years.
Di Marco has served as chief executive of TechOne for 30 years and will continue to focus on the company's strategy, innovation and creativity to ensure it continues to build future platforms. He will remain as the company CEO until 23 May.
"These changes have been a long time in the planning and it will be no surprise to the market. It has been openly discussed for the last few years with shareholders and staff. Over the last five years we have built a very strong and talented executive team, and Edward has proven himself to be an outstanding leader and chief operating officer," Di Marco said.
He said this is the perfect time to start the transition to a new generation.
"Today, we celebrated across our company, the 30 year anniversary since starting in a small demountable at the front of a hides processing plant in the outer Brisbane suburb of Hemmant, to becoming Australia's largest enterprise software company and an ASX top 150 publicly listed company.
"I believe having now reached our 30-year milestone and considering the significant opportunities ahead of us, it is the perfect time to commence the transition to a new generation," Di Marco added.
According to Di Marco, the next 10 years is going to be an "exciting period" as the company rolls out its own cloud, continues its expansion into the UK and look for where to expand to next.
"Edward is one of the most talented executives in the Australian IT industry. He understands our vision, strategy and culture and this appointment will position the company to capture this future growth," Di Marco said.
Chung will be on an annual base salary of $517,000, including superannuation.
"I will continue to be actively involved in the business and I very much look forward to working with Edward and the executive team, as well as continuing to work with our R&D teams. I also plan to remain a major shareholder of TechnologyOne."
Di Marco's remarks over the years
Known for his outspoken commentary on the Australian IT industry, Di Marco has slammed big names such as Accenture, Microsoft, Oracle and SAP.
In 2005 he wrote that "competitors, such as SAP, Microsoft and Oracle, continue to choose to sell their services and software through a vendor/reseller model which we believe is fundamentally flawed and not suited to today’s operating environment".
In a 2012 post he said: "We believe that the model used by other software vendors of relying on third-party organisations, such as Accenture, to implement their software solutions is broken."
Most recently, after the ATO published the corporate tax transparency report, which showed that TechOne had paid $9.3 million taxes on taxable income of $69 million, a rate lower than expected.
According to TechOne, the difference was due to the Government Research & Development tax offset.
Di Marco said: "We are doing exactly what the federal government wants Australian companies to do. We are being innovative, creative, undertaking R&D and claiming a legitimate R&D tax credit that we are entitled to claim.
"It is disappointing to see what the ATO has done, as it is both confusing and misleading," Di Marco added.