Melbourne IT CEO to step down MELBOURNE IT chief executive Theo Hnarakis will step down later this year as the domain name and website services provider continues to simplify its operations. The announcement was made as Melbourne IT reported a profit of $70.3 million for the first half of 2013, up significantly from a $5.8 million profit in the prior corresponding period. The bottom line was boosted by the sale of two of Melbourne IT's divisions, which yielded a net gain of $66.4 million. Net profit from continuing operations rose 18 per cent from the previous year to $3.9 million. Melbourne IT said its senior executive team will be "streamlined" as the company aims to lower operating costs by $6.5 million in 2014, primarily through cuts to labour costs. Mr Hnarakis will end his 11 years as CEO once a suitable replacement is found, Chairman Simon Jones said.