Photo: ERoad
The founder of transport software company ERoad is returning to the company in a consultancy role, just over a year since he stepped down as its chief executive.
Steven Newman resigned as ERoad chief executive in April last year, but retained a 12 percent shareholding interest in the company.
ERoad said Newman has returned as an independent consultant to its technology board committee.
It comes as The Australian newspaper reported that Canadian software company Constellation, through its subsidiary Volaris, was set to raise its offer to buy ERoad.
Earlier this month, ERoad rejected the near $150 million offer from Volaris, at $1.30 a share, saying the bid was insufficient.
But The Australian reported that a higher bid could be on the way from Volaris, with ERoad's share price closing at $1.40 on Friday, which was about an eight-month high.
Volaris had used an Australian front company to build an 18.7 percent stake in ERoad, taking advantage of its low share price and snapping up the stakes of some institutional investors, whom it promised to pay any higher final price if a deal was made by the end of the year.
On the appointment of Newman as a consultant, ERoad chair Susan Paterson said the company remained focused on implementing its new strategy and was "making compelling progress to reposition the business and accelerate growth in all our markets".
Incumbent chief executive Mark Heine said as a technology company, it made "strategic sense" for its technology committee to involve Newman.
"It's also personally pleasing to be able to welcome Steven back to the ERoad business. He brings with him a deep knowledge of ERoad, and the technologies needed to meet our diverse customers' needs," Heine said.
Newman said he was "excited by the opportunity" to contribute to the company again.
"My role will be to assist the technology committee on its charter and with the technology requirements and dependencies for delivering on customer needs," he said.
