NextDC announces leadership and board changes following revenue forecast cut

Australian data centre operator NextDC has announced significant leadership and governance changes following a sharp decline in its share price and a reduction in revenue forecasts. CEO Craig Scroggie will forgo his fiscal 2027 short-term and long-term incentive opportunities.

Chairman Douglas Flynn has announced his intention to retire once a successor is appointed. In an effort to address investor concerns, the board has withdrawn a proposal to increase the maximum annual remuneration for non-executive directors, and current directors have agreed to an immediate 10 per cent voluntary reduction in their fees. The company also expects to appoint two new non-executive directors in the first quarter of 2027.

The restructuring follows delays to electricity network upgrades at the M3 Melbourne project, which are expected to defer approximately A$140 million in contracted customer revenue this financial year. These delays, linked to power infrastructure issues, contributed to a significant drop in the company's market valuation.