Megaport said Michael Reid would take over as chief executive following the sudden departure of Vincent English earlier this month.

However, Megaport also announced that chief financial officer Sean Cassidy, had also resigned and Leticia Dorman would step in as interim CFO.

Company secretary Emily McCaffery also resigned earlier this year after the company reported a $US9 million first-half loss and there had been reports that institutional investors were concerned about the significant fall in the share price, which is down 68 per cent on a year ago.

Reid, who has a degree in aerospace engineering from QUT, will take control of Megaport on May 15 after leaving Cisco where he is chief revenue officer for a subsidiary ThousandEyes, which maps internet performance and monitors infrastructure.

Megaport said Reid helped grow the company into the largest cloud, software as a service (SAAS) and internet visibility platform in the world.

The staff numbers grew from 150 to 400 during Reid’s term and in 2019 he was CEO Magazine’s sales executive of the year.

Slattery said the company was thrilled to welcome Reid, who would start his term in San Francisco where he is currently based. He was expected to move to Brisbane in July.

“Michael is a proven technology growth leader with deep experience in developing and leading multiple global recurring revenue SaaS businesses,” Slattery said.