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GBST Holdings Limited founder to retire as business looks to UK growth

Shares of GBST Holdings Limited (ASX: GBT) are trading firmly higher following the company’s decision to appoint a new managing director and CEO, and chairman.

GBST provides software for capital markets and wealth administration and is founder-led. However, in an announcement to the ASX this morning, GBST Chairman and founder, Dr John Puttick, announced his successor, Allan Brackin, and the appointment of Robert De Dominicis as the company’s CEO.

Mr De Dominicis founded InfoComp in 1988, a company that was bought by GBST in 2007. From 2010, he led GBST’s push into international markets, taking GBST’s wealth management business from $22.8 million in revenue to $69.1 million in 2015.

“Under Robert’s leadership, GBST’s wealth management business has made outstanding progress, trebling sales in five years and achieving tremendous growth in the UK,” Dr Puttick said. “It is pleasing that the depth of talent within GBST has enabled the appointment of an internal candidate, demonstrating the strength of our management team.”

Despite a global search for another CEO, with a rich 30-year history in the industry, Mr De Dominicis was, “clearly the best candidate for the role,” the company said.

After 31 years in the role of Chairman, Dr Puttick will retire to be succeeded by Mr Brackin.

Over the past year we have been reviewing the structure of the Board to ensure that our skills support the company’s continued growth,” Dr Puttick said. “Allan Brackin, who joined the Board in 2005, will succeed me on 1 January 2016.”

Mr Brackin has extensive experience as a technology professional and business leader, partly from his time as CEO and director of Volante Group, one of Australia’s largest IT services companies.

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Motley Fool writer/analyst Owen Raszkiewicz has no position in any stocks mentioned.

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Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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