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Bravura promotes MDs to regional CEOs

By Jessica Penny
2 minute read

The listed software group is aiming to improve the structure of its global teams to accelerate operating and financial performance.

Bravura Solutions has announced the promotion of Paul Dunn and Chris Spencer to regional chief executive officers, with the pair respectively overseeing Asia-Pacific (APAC), Europe, the Middle East, and Africa (EMEA).

Mr Dunn and Mr Spencer will take up their new roles with immediate effect.

In their new capacity, they will be responsible for the end-to-end financial management and operational delivery for their regions, with a focus on driving growth and improving client outcomes.

Bravura confirmed in a statement on Wednesday that the duo will report to group CEO and managing director Andrew Russell.

Commenting on the two appointments, Mr Russell said: “This is a crucial step in the evolution of Bravura, helping us further streamline our business and form ever closer relationships with our clients.”

“Since joining the business earlier this year, I’ve been hugely impressed with the impact Chris and Paul have made in their regions and both will play important roles in aligning our organisation with our markets, products, and clients moving forward,” Mr Russell added.

“Our new structure will set ourselves up for future success and ultimately ensure we continue to provide a suite of industry-leading solutions throughout the wealth value chain to help our clients unlock value, create scale, and achieve operational efficiency gains.”

Also on Wednesday, Bravura named Chris Biddick as managing director, Transfer Agency.

In his role, Mr Biddick will report to Mr Spencer and be responsible for growing the business with current clients and prospects.

The announcement comes after Bravura highlighted its intention to regain the trust of stakeholders following disappointing FY2023 results.

Namely, in a filing to the ASX in August, the company said it posted a net loss of $280.7 million for FY23, compared to a profit of $29.9 million a year earlier – equating to a decline of 1,038 per cent.

Bravura said its total revenue declined by 6.4 per cent on the year to $249.6 million. Wealth management revenue dipped from $169.5 million in FY22 to $163.6 million, while funds administration revenue dropped from $97.1 million to $86 million.

At the time, Mr Russell and independent non-executive chairman Matthew Quinn acknowledged that FY23 was a year of “underperformance and great disappointment” for Bravura stakeholders.