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

GBST Holdings Limited (ASX:GBT) announced a successor at the helm of the board and a new MD and CEO, Robert De Dominicis.

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »