The new CEO will be Bob Cariglia, who has been president of DealNet Capital since Sept. 4, 2012.
Simmonds will continue to serve as the chairman of the board of directors in a non-executive capacity, the Toronto, Ontario-based company said in a statement today. Cariglia will also remain as president, it added.
"At this stage there are people who are better suited than I am to guide DealNet to the next level," the company quoted Simmonds as saying. "Bob is a talented executive with a proven track record of delivering strong performance."
Prior to joining DealNet Capital, Cariglia was the president and chief operating officer of Minacs Worldwide, which provides outsourced call centre and customer relationship management services. He was also the president of OneCommand, which provides in direct-marketing services to over 4,000 automotive dealerships in a "software as a service" environment.
DealNet has recently focused its investments towards the thriving North American Business Process Outsourcing (BPO) market, as well as the consumer financing market by leveraging its recently acquired BPO division. Its One Dealer subsidiary provides a full suite of services and financing solutions for heating, ventilation and air conditioning (HVAC) dealers and their customers, underpinned by the controls and processes of DealNet's BPO unit to serve its own consumer financing customers.
The company has grown to close to 200 employees with a backlog exceeding $30 Million, according to the statement.
DealNet shares were little changed at 20 Canadian cents at 2:15 p.m. in Toronto on the Canadian National Stock Exchange.