PC Direct founder Maurice Bryham and former PC Direct director David McKee Wright have been appointed to the management of battered technology investor IT Capital.
Mr McKee Wright joins the company as Chief Executive Officer while Mr Bryham becomes Chief Operating Officer.
Mr McKee began his career as a business analyst
with Rohm and Haas and moved to PC Direct in 1994 as Financial Controller.
Mr Bryham has worked in senior positions at Dick Smith Electronics, PC Direct and exo-net.
Losses on subsidiaries last year dragged IT Capital into the red.
In December, the company reported a $5.95 million loss for the six months to September 30. The company made a profit of $4.849 million over the same period last year.
The result includes a loss of $936,000 on the company's 42 per cent owned subsidiary Deep Video Imaging, a $176,000 loss on 41.5 per cent owned subsidiary Golden Orb Technologies, an $824,000 loss on wholly owned subsidiary Terabyte, a $1.247 million writeoff on liquidated Australian company Streamlink and the amortisation of $150,000 of goodwill.
The contract of former Philadelphia-based CEO Jeff Dittus was terminated in October.
Mr Dittus' departure followed a heated annual meeting, where shareholders criticised directors for failed investments, the amount they paid themselves and a balance sheet covered in red ink.
In December, IT Capital chairman John Robertson said the departure of Mr Dittus would save the company about $1 million a year.
Auckland-based managing director Keith Philips resigned in April.
