The Praemium Ltd (ASX: PPS) share price will be one to watch closely tomorrow morning after the shock departure of its CEO.
At today's market close, the investment platform provider's shares finished the day flat at 77.5 cents.
More details on the shock announcement
Praemium shares will most likely be on the move tomorrow following the immediate loss of its CEO.
According to its release, Praemium advised that CEO and board member Mr Michael Ohanessian will be leaving the company. No reason, however, was given in the announcement as to why Mr Ohanessian has walked away from the role.
Mr Ohanessian spent almost 10 years as the company's CEO.
Praemium chair, Barry Lewin thanked Mr Ohanessian for his services, saying:
On behalf of the Board, we are appreciative to Michael for his hard work and wish him well in his future endeavours.
During his tenure, Michael has built a solid and profitable foundation at Praemium. He leaves the business having positioned Praemium for continued strong growth, both in Australia and overseas.
To fill the void, non-executive director Mr Anthony Wamsteker has stepped into the position of interim CEO with immediate effect. Notably, Mr Wamsteker joined the Praemium board in November last year following its acquisition of Powerwrap. With over 30 years of experience in financial services, Mr Wamsteker brings a wealth of knowledge. He was the founding CEO of ME Bank for 9 years, 12 years in funds management with National Mutual/AXA, and 3 years as chair of Powerwrap.
Praemium management noted that it has confidence in Mr Wamsteker leading the team forward.
A formal process is now underway to search for a permanent CEO.
About the Praemium share price
Since its ASX listing in 2006, Praemium has become a global leader in technology platforms for managed accounts, investment administration and financial planning. Global funds under administration for the company total around $38 billion.
Praemium shares have accelerated over the past 12 months to register a gain of more than 120%. Year-to-date performance stands close to 20%.
On valuation metrics, Praemium presides a market capitalisation of roughly $388 million, with approximately 501 million shares on issue.
