MYOB makes way for new CEO as Tim Reed steps down

MYOB is making way for new CEO Greg Ellis, as current CEO Tim Reed steps down and takes an advisory position with the company.

Ellis, who was previously Scout 24 AG CEO, has worked in Australia, Asia and Europe running both public and private companies. He has worked across eCommerce, telecommunications and software. Ellis was also responsible for Scout 24 AG's commercial operations and he was instrumental in its public listing on the DAX in 2015.

"I am excited to join the MYOB team, an iconic Australian and New Zealand technology business with a strong growth trajectory that is well positioned to capitalise on new areas of growth," says Ellis.

"The opportunity to join MYOB just as the business starts its next phase of development, coupled with supportive investors and a clear go forward strategy, is a really exciting proposition. I look forward to getting to know the team, clients and partners in the weeks to come, and making rapid progress toward our transformation goals when I join in September.

Current CEO Tim Reed will depart on September 16. He spent 16 years with MYOB, including 12 years as the company's CEO. He will become an advisor and he will also support the company's business strategy.

"MYOB is a great business with a fantastic team and serving as CEO for the past 12 years has been an absolute privilege," comments Reed.

"In that time, we've transformed from being a provider of desktop solutions to a leading online subscription business and our connected practice strategy defines a new era for our industry. MYOB is now at an inflection point, meaning it is the right moment for me to step down in order to let the next CEO own and drive the transformation project forward. I remain a committed investor and look forward to seeing the business reach new heights in the years ahead.

MYOB board member and KKR Australia head, Scott Bookmyer says he is grateful to Mr Reed for his service as CEO, and he is delighted that Reed will continue to be an advisor.

"Tim's leadership at the helm of MYOB for the past 12 years has built a truly great and innovative technology company that is positioned for exciting growth. Greg is one of the most accomplished Australian executives in the industry and has distinguished himself with an extensive track record of building high growth technology companies.

"His deep industry knowledge and ability to deliver value during his more than 30-year career at companies including Scout 24 and REA gives the board confidence in his ability to lead MYOB forward into its next phase of growth.