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John Conomos

AUTOMOTIVE industry veteran John Conomos has stepped down as chairman of vehicle telematics specialist Connexion Media following a revamping of the company’s strategy that will see a greater focus on development in the US market.

Another non-executive director, John Dimitropoulos will also step down as Connexion reduces its board of directors from five to four people.

Founder and current chief executive George Parthimos will assume the role of executive chairman while Connexion’s chief marketing officer and head of US operations, Junior Barrett, will succeed him as chief executive but not join the board.

Joining the board will be long-term shareholder and mining industry executive Mark Caruso.

Mr Caruso will be a non-executive director but will be responsible for the growth of Connexion’s telematics products in its key geographic markets while also monitoring the company’s cost structures.

Current directors Eric Jiang and David Connolly will continue on the board.

At the same time, Connexion has raised a further $1 million through a placement of 13.8 million new shares at 7.2 cents a share. Several existing shareholders, including Mr Caruso, participated in the placement.

The cash will be used to strengthen the company’s sales and marketing operations in the US. The Detroit office will become the main sales and marketing centre, while product development will remain in Melbourne.

By Ian Porter

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