Praemium CEO departs

Praemium has announced that its board has terminated the employment of CEO and managing director, Michael Ohanessian, effective immediately.

In a statement released from the firm, the board said that they feel that a chief executive officer with a different skill set would better serve Praemium's leadership needs for the next phase of its growth and development.

Ohanessian was appointed as Praemium's CEO in 2011 and took on the role of managing director in 2012.

Prior to his time with Praemium, Ohanessian held CEO positions with Vision BioSystems and Genetic Technologies Limited. He has been involved in investment management and corporate advice with Lion Capital and early in his career he spent 10 years with Mobil Oil.

Commenting on his departure, Praemium's chair, Greg Camm, said: "Michael leaves the company in good shape and the Board acknowledges his instrumental role in the transformation of Praemium to a profitable global firm."

Praemium has appointed Robert De Luca to act as interim CEO while the search for a permanent replacement is underway.