Bravura CEO to exit after a yr within the function
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Libby Roy, the CEO of platform engine and fintech Bravura Options, is to step down with fast impact after solely a yr within the function.
The transfer comes just a few months after the agency introduced plans to downsize and lower workplaces and workers.
Ms Roy nonetheless stick with the corporate till 30 June for a handover. She was appointed in June final yr, changing Nick Parsons who stood down in August 2022.
Bravura’s board has begun the hunt for a, “excessive calibre and skilled CEO” to steer the agency. Andrew Russell, an unbiased non-executive director, will lead the corporate as interim CEO till a alternative for Ms Roy is discovered.
Bravura chairman Matthew Quinn stated: “Our new CEO will likely be chosen based mostly on their capacity to supply distinctive service to our prospects, lead our proficient staff and create worth for shareholders. We thank Libby for her time as CEO.”
The corporate has additionally introduced that efficient instantly it has appointed Melissa Jones (nee Corbutt) as joint firm secretary and Mr Montford steps down as joint firm secretary.
Mr Russell’s pay bundle will likely be price roughly £400,000 whereas he’s interim CEO.
Bravura has suffered a sequence of setback up to now 12 months.
In March the Australian-based firm introduced it might downsize its UK workplaces as a part of a world cost-cutting train, with some workplaces set to be lower altogether in Australia and New Zealand. The corporate stated it might shut three workplaces and downsize an additional six.
It additionally introduced plans to scale back its world workforce by as much as 10% as a part of the A$30m (£17m) cost-cutting programme, because it strikes extra work to groups in India and Poland.
The variety of employees on the group climbed from 1,553 at 30 June 2022 to 1,637 by 31 December 2022 at 16 workplaces round Australia, New Zealand, United Kingdom, Europe, South Africa, and India. That implies that as much as 160 of the corporate’s workers are being axed.
The worldwide enterprise acted after it made a web lack of A$190m (£170m) within the second half of final yr.
That was down from a A$15m (£8.4m) revenue it made in the identical interval a yr earlier.
The agency, which is listed on the Australian Inventory Trade, underpins adviser platforms Nucleus, Constancy and M&G Wealth.
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