iiNet boss says he needs a break

iiNet chief Michael Malone is taking an extended break from the company he founded. Source: HeraldSun

THE founder of internet service provider iiNet is stepping down as managing director to take a break.

Michael Malone, who co-founded the company in a garage in Perth in 1993, will step down for between three and six months.

"I founded this company 20 years ago and have never taken a substantial break," he told the company's annual general meeting.

"As many of you know I've got a love of travel, trekking and climbing mountains and so I'm planning to tackle some new peaks over the next few months."

Chief financial officer David Buckingham will be acting chief executive in Mr Malone's absence.

iiNet shares were down one cent at $6.34 at 1503 AEDT.

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