5G Networks chairman Joe Gangi resigns for ‘personal reasons’

5G Networks has announced to the Australian Stock Exchange (ASX) that its chairman, Joe Gangi, has resigned from the company for “personal reasons”. This is ahead of its planned windup in 2025.

While 5G Networks independent director Natalie Mactier has assumed the role of chair, his position will not be replaced in the long term.

This is due to the company planning to sell its main undertaking and operating businesses to entities associated with the business’ managing director, Joe Demase, sometime next year, as it previously announced on the ASX in June.

“I would like to thank Joe for support, guidance, and friendship on this incredible journey,” Demase said.

“He has served 5GN shareholders as an independent board member since the original 5GN IPO in 2017 and serving as chairman since 2020. He has assisted in a number of the acquisitions and mergers we have completed. I wish him all the best in the future.”

Demase has been involved with 5G Networks for some time, having been the managing director of the previous iteration of 5G Networks, which was a telecommunications carrier.

Under his leadership, 5G Networks acquired Webcentral Group in 2020, which was previously known as Arq Group.  The two businesses then merged together in 2021, with 5G Networks becoming a subsidiary.

Over three years later in October 2023, Webcentral then sold off its web and emailing hosting business and changed its name to 5G Networks.