Iress leads ASX 200 gains on CEO transition
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More news: Iress was the top performer on the ASX 200 after the software company confirmed the departure of CEO and managing director Marcus Price, and the appointment of his successor Andrew Russell.
Iress shares were up 6.4% to $9 at 2:45pm AEST.
E&P Capital analyst Olivier Coulon said it was a "positive" announcement, with incoming CEO Russell "very well regarded by small cap investors."
Coulon pointed to Russell's strong performance at former companies Class and Bravura.
What they said: "He delivered a very solid outcome at Class where he expanded the [total addressable market] ... by buying into the document management space and extracted a significant premium in a scrip transaction with HUB24," Coulon said in an analyst note.
"At Bravura he entered the company in Feb 2023 ... when the company was deeply unprofitable and had had to do a deeply discounted rights issue.
"He stabilised critical client relationships, introduced much improved information systems, renegotiated contracts, extracted tens of millions of costs and managed to get the business to making high teen cash EBITDA margins as at FY25."
Iress CEO Marcus Price exits, Andrew Russell appointed successor
The news: Software provider Iress has appointed Andrew Russell as its new group CEO and managing director, effective 17 November.
He will succeed Marcus Price, who has been with the company since 2022.
The context: Russell was CEO and managing director of ASX-listed Bravura Solutions from 2023 to 2025. Prior to that, he led software company Class, which was acquired by wealth platform HUB24 in 2022.
Russell previously held executive roles at REA Group and Virgin Money Australia.
Iress — which is in talks with investing giants Blackstone and Thoma Bravo over a possible acquisition of the company — confirmed last month that Price was in discussions with the board regarding his departure.
Price will leave the company today, with Iress' global trading and market data CEO Geoff Rogers serving as acting CEO until Russell commences in November.
What they said: "The next phase of our strategy will be intensely product and client-focused, and we are very pleased to have appointed a leader as experienced as Andrew in this domain," said Iress chair Roger Sharp.
Russell commented: "Iress has achieved a market-leading position by developing trusted technology platforms and long-standing client relationships, and my focus will be to capitalise on the strong position Iress finds itself in following the strategic transformation program the board and management team have led over the past two years."
The sources: ASX, E&P Capital research
