Mr Malone told IT Pro on Friday the three weeks he spent trekking in Argentina "with no phone" had been crucial in deciding to leave. He did not see himself "returning to the role of full-time CEO". He had never thought he'd stay that long, especially after the company listed on the Australian Stock Exchange in 1998. "I thought they'd keep me for a year then get a real CEO," he said. Mr Malone presided over the growth of iiNet from a one-man garage operation in 1993 to a $1.23 billion 2000-staff publicly listed company, Australia's second-largest ISP. When asked if he'd been pressured to resign, he said there had been "implied pressure to make up my mind one way or another".

"I thought it'd be better to put my resignation on the table and give everyone some certainty." The departure follows that of Simon Hackett who left in November to take up a board seat at NBN Co. Mr Hackett was a large iiNet shareholder and the founder of Internode, which iiNet bought in late 2011. Another board member, Paul Broad, left iiNet to take up the role of chief executive at Snowy Hydro in September. Mr Malone denied disagreements between iiNet and the direction of the national broadband network (NBN) were partly to blame for his decision to move on. The company has been at loggerheads with NBN Co, the builder of the network, over what it says is unfair competition and double-up of resources. "It was very much a personal decision not a business decision. I still think the NBN is a fantastic opportunity for iiNet. We have 25 per cent market share [of NBN fibre connections to date]. We see the NBN as an opportunity not a risk."

Mr Malone quipped that iiNet's share price went up 10 per cent while he was away, saying the company was in the "best position it's ever been" and the time was right to move on. He said he did not know what he'll do next beyond continuing his holidays. His departure could throw the question of iiNet's acquisition by a larger rival back into the spotlight. TPG Telecom owns a significant share of the company and was once seen as a likely buyer for the Perth-based telco. Mr Malone's financial stake in the company and preference not to merge his premium-branded telco with low-cost carrier TPG was seen as key hurdles preventing the iiNet's sale. But his sale of $28.5 million worth of iiNet shares in August 2013 and leaving the company could make the prospect more likely. He said he did not intend to sell his shares but would not rule it out in future, saying it was a decision for his family to make.

iiNet Chairman Michael Smith said a national and international search for a replacement was necessary for good governance and had begun. Acting CEO and chief financial officer David Buckingham will continue in the role until a replacement is found. “The board will ensure that the next iiNet CEO is the best available. If that turns out to be David, we will be delighted,” Mr Smith said in a statement. with David Ramli Follow IT Pro on Twitter