Richmond steps down from Cirrus board

The founder of ASX-listed IT company Cirrus Networks has stepped down from the company’s board after undergoing heart surgery and forming plans to move overseas.

Frank Richmond formed Cirrus in late 2012 and previously served as its managing director, before taking up an executive director role.

He was due to move to a non-executive director position later this year, but instead he has stepped down from the board with immediate effect, and will serve Cirrus in an advisory role.

Mr Richmond’s departure from the board was due to recent heart surgery and an imminent move overseas.

“Frank’s vision, entrepreneurial skill and hard work at both the executive and board level has shaped an organisation that has achieved so much in a short space of time and is positioned strongly to build on the next phase of growth,” chairman Andrew Milner said.

“While saddened and disappointed to lose Frank from the board, we are delighted to be able to continue to access his wealth of experience and strategic insight in an advisory capacity.”

Cirrus shares, which soared late last week on the back of positive sales results, were down 13 per cent to 2 cents each at the close of trade.