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.

Thinking of buying GBST shares? You'll love this...

The Motley Fool has just issued a brand-new report, complete with all the details on our expert analysts' #1 dividend stock for 2016 - and your copy is FREE! Simply, click here now for your FREE copy, including the name and code! No credit card details or payment required.

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

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.