Global Switch announces leadership change

London – 14 December 2023 - Global Switch Holdings Limited (“Global Switch” or “the Company”), a leading owner, operator and developer of large-scale network dense, carrier and cloud neutral multi-tenanted data centres in Europe and Asia-Pacific, announces today that John Corcoran, its Chief Executive Officer, will be retiring from his role on 31 December 2023, after two decades leading the Company, in order to pursue his private investment interests; a number of specific corporate projects; as well as his charitable interests, which are focused on improving vocational and educational links between the UK and Australia. John will also remain Chairman of Global Switch Australia Holdings, the holding company of the Global Switch Australia group.

Ashley Muldoon, Global Switch's current Chief Operating Officer, is to be appointed Chief Executive Officer, and will join the board of the Company. Shareholder approvals for his appointment are expected in the coming weeks.

Under John’s leadership, Global Switch has been transformed from a loss-making start-up business with seven data centres, of which only three were operational, into a highly differentiated digital infrastructure business with a portfolio of 13 large-scale data centres (and a new world-class fourteenth data centre launching in Q1 2024) generating c. £275million of annual EBITDA and the last of the privately-owned data centre platforms, which are truly scalable on a global basis.

John transformed Global Switch into the UK’s leading tech unicorn as well as one of the leading tech unicorns in Europe and was the architect of the Company’s successful business model, which saw it focus on strengthening and diversifying its customer base in order to generate sustainable and predictable cash flows. In a capital-intensive business, that strategy enabled the Company to be the first data centre business to achieve and maintain a strong investment grade credit rating which gave it a competitive advantage by lowering its cost of capital. As at the most recent valuation date of 31 December 2022, Global Switch’s investment property portfolio valuation had increased to £6.6 billion and this growth has been funded solely by its own cash flow and debt issuances, with no further equity raised in the business since its original establishment and over £1 billion of dividends paid to its shareholders from excess cash reserves.

The Company’s portfolio comprises 13 data centres located exclusively in super-prime locations and key connectivity hubs across Europe and Asia-Pacific, providing around 4.6 million sq ft of state-of-the art technical space. Its high-quality customer base includes many of the world’s largest cloud, technology and telecommunications providers, international financial institutions and a wide range of other global businesses and government bodies.

Ashley Muldoon has been Chief Operating Officer of Global Switch for the last three years, and benefits from more than 30 years of data centre and real estate experience, including managing international businesses. Since joining Global Switch, Ashley has broadened his role to include all aspects of the Company’s global operations, investments and delivery across Europe and Asia-Pacific. He was formerly Chief Executive Officer of a major private equity owned global construction and development company and was responsible for positioning that company as a leading contractor in the UK, EMEA and Canada.

There will be no changes to the strategic direction of the Company following the management change.

The shareholders of the Company also continue to explore a potential divestment transaction. Global Switch offers the last truly scalable digital infrastructure platform, one that is backed up by a robust financial position. The Company operates in a £39 billion addressable market, which benefits from continued growing global demand.

He Chunsheng, Chairman of Global Switch, said:

“On behalf of the Board of Global Switch, I would like to thank John for his significant contribution to Global Switch, over two decades. John has created a true global leader, through strong organic growth and has positioned the Company for future, significant expansion. Under his stewardship, the Company has also put sustainable design at the heart of the construction process and has a clear roadmap to achieve best in class environmental standards.”

“I am delighted and fully supportive of Ashley Muldoon becoming the new Chief Executive of Global Switch. He brings significant international construction and real estate experience and combined with his knowledge of the business, I am confident that he is ideally placed to lead Global Switch through the next stage of its growth.”

John Corcoran, Chief Executive Officer of Global Switch said:

“I have been honoured to lead Global Switch over the last two decades, during which time it has been transformed from a loss-making enterprise into one of the most successful data centre companies in the world. I have been fortunate to work with an incredible group of people, both inside and outside of our Company, who have played an important role in creating the successful business we see today. I would like to express my specific thanks to all my colleagues, both past and present, whose hard work and commitment have enabled our business to grow to where it is today, as well as our customers and, partners for their unwavering support.”

“I thoroughly enjoyed the journey from the early days with the Reuben Brothers, where the company benefitted from their original business vision and acumen, through to an exceptional period of growth over the last seven years, particularly in Asia-Pacific, where I have valued the ongoing support of our board and shareholders.”

“I have known and worked with Ashley Muldoon for over 25 years and in recent years have partnered closely with him at Global Switch in preparation for a smooth leadership transition. In that time he has developed a deep understanding of all aspects of the Company’s operations and I am confident that with the strong and stable platform we have built, Global Switch will go from strength to strength under the dynamism and energy of his leadership.”

Ashley Muldoon, Chief Executive Officer Elect said:

“I am delighted to be appointed Chief Executive Officer of Global Switch and I look forward to working with my fellow executive director and Chief Financial Officer, David Doyle, together with the board, shareholders and the entire Global Switch team.”

“The leadership transition comes at an exciting time for Global Switch, as the growth in AI, coupled with our unique platform of irreplaceable data centre campuses in the Tier 1 markets, and our unrivalled customer base, provides exciting opportunities both in existing markets and across new markets to accelerate Global Switch into 2024 and beyond.”