Bravura names chief executive

Bravura Solutions has appointed interim chief executive Andrew Russell to the top job permanently following the quick departure of Libby Roy.

Russell will take on the dual role of chief executive and managing director, succeeding Roy who vacated the position after less than a year.

He joined Bravura in April, having formerly held the position of chief executive at Class until its acquisition by HUB24 last year.

Russell will receive a total fixed compensation of $750,000, complemented by a 33 per cent short-term incentive plan.

Additionally, he will receive a one-off grant of 2.5 million options that will vest after three years from the date of the grant.

Despite conducting a global search Bravura said Russell, who has been serving in the interim role since June, was the best fit.

"We are very pleased that Andrew has agreed to become chief executive," said Bravura chair Matthew Quinn said.

"Following an extensive search process, it is clear to the board that Andrew is the best candidate for the role, and he has already demonstrated great leadership whilst acting as Interim chief executive. We are confident that Bravura has a very bright future with Andrew as chief executive."

Bravura shares have experienced a persistent downward trend, declining by nearly 60 per cent over the past year.

The appointment marks the third chief executive in three years since the departure of long-standing chief executive Tony Klim in 2021.

Klim held the role for 13 years and was replaced by the group's former chief technology officer Nick Parsons in August 2021.

After a total tenure of 15 years, including less than one year as chief executive, Parsons resigned in June 2022 and was succeeded by Roy who commenced in August 2022.

Following her appointment, Roy said Bravura had been experiencing a transition in its markets and developing its offering accordingly. Her exit last month continued the trend of leadership changes.

Upon his appointment, Russell emphasised that it is time for the group to move forward and leave the disruption behind.

"Bravura has very strong foundations as a leading technology business and we can now build on this, put the recent disruption and uncertainty behind us and focus all our energy on delivering great service to our customers and rebuilding value for our shareholders," he said.

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