Firmus appoints new CFO & chair after USD $330 million raise

Firmus Technologies has appointed a new Chief Financial Officer and an incoming Chair of the Board following a recent equity raise of USD $330 million.

The company announced the appointments of Kirsty Godfrey-Billy as Chief Financial Officer and Grant Dempsey as incoming Chair as part of its strategy to strengthen governance and management capabilities. This move comes as Firmus prepares to launch Project Southgate, a sovereign, renewable-powered AI campus in Tasmania, developed in partnership with the Tasmanian Government.

Leadership changes

Grant Dempsey joins Firmus as the incoming Chair of the Board. Dempsey is the former Head of Investment Banking for Australia and New Zealand at JP Morgan and brings significant experience as an executive and board director. He is currently Chair of the Investment Committee and a board member at IFM Investors, as well as serving on several other boards, including a2 Milk, Megaport, and Sims Metals. Dempsey's recent roles include Chief Financial Officer at TPG Telecom and Alumina Limited.

The company stated that Dempsey's appointment reflects a focus on enhancing governance as Firmus transitions from its scale-up phase to institutional maturity.

"Firmus is scaling rapidly and building the capabilities across leadership, operations, and governance to support that momentum. As the company grows, the board will continue evolving to help deliver on its global ambitions - combining large-scale infrastructure execution with the financial outcomes our customers and partners expect," Mr Dempsey said.

"The company is entering an important chapter. And I'm pleased to be supporting the board and executive team as the company continues to mature and chart a thoughtful path forward."

Ted Pretty, the outgoing Chair, will remain on the board as a Non-Executive Director. He has overseen Firmus' growth from start-up to scale-up, guiding its entry into the artificial intelligence sector and international markets.

Commenting on Pretty's contribution, Tim Rosenfield, Co-CEO of Firmus Technologies, said, "Ted's role as Chairman helped position Firmus in the AI space, shaping our early partnerships and international expansion. As we enter this next phase of growth, we thank Ted for the lasting impact he's had and for his continued support for the business as a Non-Executive Director."

New CFO appointment

Kirsty Godfrey-Billy takes on the role of Chief Financial Officer at Firmus following nearly ten years at Xero, where she was CFO during the company's period of international expansion and transformation, including entry into the ASX50. Godfrey-Billy's experience includes work in listed technology companies, capital markets, and large-scale global growth, and she was named Deloitte's CFO of the Year in 2023.

"What drew me to Firmus was the clarity of its mission - a company with technical ambition, a strong team, and a real plan to scale AI in a way that reflects environmental and social responsibility," said Mrs Godfrey-Billy. "What the team have invented, and deployed, in both Australia and Singapore over the last five years is impressive - genuine innovation that could set a new global benchmark for how AI is rolled out. I'm looking forward to working with the team as we scale."

Project Southgate and future ambitions

The expansion of Firmus Technologies' leadership comes as the company advances Project Southgate, its renewable-powered AI campus in Tasmania. This project is being developed in collaboration with the Tasmanian Government and is intended to provide a sovereign resource for AI operations.

Oliver Curtis, Co-CEO of Firmus Technologies, expressed support for the new appointments and the path ahead for the company.

"We're excited to welcome both Kirsty and Grant to the team," said Oliver Curtis, Co-CEO of Firmus Technologies. "These are leaders who understand our mission to build efficient AI infrastructure, and the opportunity Australia has to export AI capacity and expertise to the world. Getting there takes world-class capability, and that's what these appointments are about."