Andrew Russell will take on the role of group CEO and managing director effective immediately, having served as interim CEO since 19 June 2023 while the board undertook a global external executive search.
Bravura chairman Matthew Quinn said: “We are very pleased that Andrew has agreed to become CEO of Bravura.
“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 CEO. We are confident that Bravura has a very bright future with Andrew as CEO.”
Bravura noted that Mr Russell’s total fixed remuneration will be $750,000, which is in line with his interim CEO remuneration, with the addition of a 33 per cent short-term incentive plan and a one-off of 2.5 million options with a three-year vesting period.
“It’s an honour to be appointed CEO,” Mr Russell said.
“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.”
Mr Russell replaces Libby Roy, who stepped down in June after less than a year in the job.
At the time, Mr Quinn said: “Bravura has deep intellectual property, market leading products and a valued, high-quality customer base. Our new CEO will be selected based on their ability to provide exceptional service to our customers, lead our talented employees, and create value for shareholders.”
Bravura announced last June CEO Nick Parsons would step down in August 2022, with Ms Roy to take on the position from that date.
Mr Parsons was only confirmed as CEO for the company in August 2021 when he replaced long-time head Tony Klim.