Service Stream chief Patrick Flannigan resigns

The chief executive of contracting company Service Stream has resigned his position citing a “very disappointing” financial period for the company as his motivation.

The company offers infrastructure deployment and management services to telecommunications companies, with Telstra one of its major clients.

In a statement to the ASX yesterday, July 8, the company said Flannigan would resign after taking the chief executive role on in September 2004. It also said 2009-10 would see the company return to growth.

“It has been a pleasure to work with such a committed management team and I am very proud of what has been achieved at Service Stream over the last five years, in a very large way brought about by the efforts of our 4,000 plus workforce,” Flannigan said.

The company expects to report earnings before interest, taxation and depreciation of $30 million for the 2009 financial year on top of $550 million in revenue.