EROAD founder Steven Newman has stepped down as chief executive and from the board.
He has dedicated 17 years to growing EROAD from a small New Zealand start up to the global company it is today with now more than 200,000 connected units across New Zealand, Australia and the United States and over 650 staff members.
The board is acknowledging Newman as “a visionary in devising new technology to make our roads safer and more sustainable”.
The company says it commenced succession planning in 2020 and began a chief executive search at that time which was put on hold during the COVID-19 pandemic.
With the completion of the acquisition of Coretex Limited, and the relaxation of COVID related travel restrictions, an international search to identify potential chief executive candidates “is well advanced”.
The board has been meeting potential candidates over the past several months and have developed a shortlist and expect to appoint a new chief executive in the first half of 2022.
The board thanked Newman for his “inspirational leadership, vision and enormous work effort”.
“EROAD is in a transitional period as it moves into the next phase of growth. As EROAD continues to expand its customer base and operations, the CEO will drive EROAD’s global growth in all markets, and with a particular focus on North America given the greatly increased customer base we now have in that market.”
Newman has decided to take some time to recharge and focus on his family.
“It has been a great privilege to lead and grow EROAD for 14 years from pre-revenue to annual recurring revenues of greater than $100 million,” he says.
“Providing world class transportation telematics solutions to more than 200,000 connected vehicles used daily by over 8,000 customers across New Zealand, North America and Australia.
“EROAD is well set up for an incredible future having recently acquired Coretex, another great Kiwi company. The EROAD team is over 650 strong, and together this incredibly talented team is capable of driving the company forward to accelerate EROAD’s rate of growth and emerge into a major player in global transportation telematics.”
“I wish the new chief executive, who is expected to be announced in the coming months, the very best and will support their transition into the role. Colette and I remain committed and confident significant shareholders.”
The board has appointed Mark Heine as acting chief effective, pending finalisation of the appointment process.
