NBN Co, the company building and operating Australia’s broadband network, has appointed CFO Stephen Rue (pictured) as its new chief executive officer.
Rue will succeed Bill Marrow, who announced in April that he’s leaving the top job.
NBN Co began a global search earlier this year for a replacement for Morrow. However, the board concluded that an internal candidate with firsthand experience of implementing change and improvement across the company would be best placed to drive the build phase through to completion in 2020, the company said in a statement.
NBN Co chairman Dr Ziggy Switkowski congratulated Rue on his appointment and said he is “very pleased that Rue is available and enthusiastic to succeed Bill Morrow” as CEO.
“With the network construction moving through a critical phase en route to completion in 2020, the board considered Stephen’s experience, including at NBN Co, and skills in financial, operational and project management to be especially well suited to the challenge,” Switkowski said.
“The appointment of a quality internal candidate reduces the risk of loss of momentum in the business from the leadership change, and ensures continuing ownership and accountability for delivery of the NBN Co Corporate Plan.”
Rue joined NBN Co in July 2014 as CFO, overseeing all financial aspects of the company, as well as driving key operational enhancements across the business, and in partnership with industry.
Prior to joining NBN Co, Rue spent 17 years in various leadership roles, including a decade as CFO, at News Corp Australia. He has also served as a director on a number of boards including Foxtel, REA Group and Australian Associated Press, as well as Chairman of the Melbourne Storm Rugby League Club.
Rue will be paid A$1.8 million ($1.3 million) and will receive a 50% annual incentive if key milestones are achieved as reflected in a balanced scorecard approve by the NBN board, the company said.
He will assume his new role from September 1, when Morrow steps down from the role.
The appointment comes as NBN claimed that more than one in two Australians are now able to connect to the nbn broadband access network.
All key technologies in the multi-technology mix have been launched, 75% of the construction is now finished, and 99% of the country is either in design, construction or complete, the Australian operator said.