Mega boss settles in for the long term
Mega's new chief executive Graham Gaylard says he plans to head the company for the "long term" after taking the company onto the NZX.
Gaylard, who lives in Hamilton and is Mega's third boss this year, told Fairfax he was shoulder-tapped by "directors and shareholders" for the role but hadn't yet met Mega's most famous backer, founder Kim Dotcom.
He confirmed Mega had successfully completed a US$7 million capital raising led by the company's largest shareholder, Chinese businessman Zhao Wu Shen.
Mega remained on track to list on the NZX by the end of October through a reverse takeover by NZX-listed shell company TRS Investments, he said.
The Dotcom family's share in Mega has fallen to 16.2 per cent and the share owned by chief technology officer Mathias Ortmann has dropped to 16.6 per cent.
Gaylard has been involved in the internet industry for 20 years, setting up, running and directing several businesses. He graduated from Waikato University with a degree in computer science in 1989 and founded Hamilton internet provider Wave Internet, which he later sold, in 1994.
His latest job which he held for 11 years has been as chief executive of 45-person Hamilton firm NetValue.
Mega had a "massive global opportunity", he said. "I want the internet to be a more secure place for businesses and consumers."
Former Mega boss Stephen Hall was handling work relating to Mega's proposed listing and retained a permanent position with Mega, Gaylard said.
Mega claims several million subscribers but only a tiny proportion are believed to be paying customers. Gaylard said it would be his job to monetise Mega.
"We are building a huge customer base and then working out the best way to provide services valued by those customers. I am here to create a global business," he said.