More like this

Business

Arrow

The Channel

Azzurri CEO quits, will walk out sometime in 'summer'

Chris Jagusz ends affair with integrator after £48.5m Maintel sale

I quit

The CEO of Maintel-owned Azzurri Communications, Chris Jagusz, is quitting in the summer but the company's new owners haven’t specified the exact departure date.

Cloudy comms integrator Azzurri was acquired by Maintel in April for £48.5m and so it was only a matter of time before the exec exited once the handover period was completed.

Before the split date, “he’ll continue to lead the Azzurri business pending its integration with Maintel,” said Eddie Buxton, boss at LSE-listed Maintel.

Jagusz, a former SSE Telecom boss, landed at Azzurri in May 2014 and inherited a mess of a business. During his reign he helped steady the ship, slowing the sales decline and reducing the losses.

Azzurri grew fat by acquisition in the noughties and ran up massive debts it was unable to service - the syndicate of banks which owned the firm wrote off debts totalling £282m in fiscal ’12 and ’13.

Word on the street several weeks ago was that Jagusz was leaving but he played this down when we called him.

In a statement today, Jagusz claimed the integration of Azzurri and Maintel was “progressing well”.

He said the new owners could provide it with an “excellent home, knowing that Maintel’s service ethic, technical skills and financial stability will give customers and employees confidence in the combined larger entity”. ®

Sponsored: Customer Identity and Access Management