Data#3 said its succession plan meant that Laurence Baynham’s resignation as chief executive and managing director would mean the appointment of Brad Colledge, who started with the company in 1995 as an account executive.

Baynham has been CEO for 10 years and said it was the “right time to hand over the baton”.

“Data#3 has never been in better shape and I am proud of the growth we have achieved during this time with our market capitalisation increasing ten-fold,” he said.

The company has about 1400 staff and revenues of $2.5 billion.

“Brad has my 100 per cent backing and is exceptionally well placed to lead Data#3. He joined the company one year after I did and has an intimate knowledge of the business.

Colledge was already a part of the senior leadership team and has been working as executive general manager of software solutions, infrastructure and services.

Colledge said it had been a pleasure to have Baynham as a mentor and colleague.

“He leaves a mammoth legacy after a decade as managing director and CEO and nearly three decades in the business,” he said.

“I am excited to be taking over at a time when the industry is evolving so rapidly with Data#3 at the forefront of driving this change.”

The changeover would include a four-month transition with Colledge moving into the top job on March 1, 2024.