Nuix (ASX:NXL) share price charges higher on CEO appointment

Nuix has named its new leader…

| More on:
Two business people shaking hands in an office

Image source: Getty Images

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

The Nuix Ltd (ASX: NXL) share price has continued its impressive run and is charging higher on Friday.

In morning trade, the investigative analytics and intelligence software provider's shares are up 3.5% to $3.07

This means the Nuix share price is now up over 15% since this time last week.

Why is the Nuix share price rising?

The catalyst for the rise in the Nuix share price this morning has been news that the company has appointed both its new Chief Executive Officer (CEO) and Chief Financial Officer (CFO).

According to the release, Jonathan Rubinsztein will become the new Nuix CEO and Executive Director in January. This follows Mr Rubinsztein's recently announced resignation from auto parts software company Infomedia Limited (ASX: IFM).

Supporting Mr Rubinsztein will be Chad Barton. He will become the permanent CFO after serving in the role on an interim basis.

"An important moment in Nuix's history"

Nuix Chair, Hon Jeff Bleich, believes this is a key milestone for the company.

He commented: "This is an important moment in Nuix's history, and Jonathan possesses an ideal set of qualities to lead the organisation into its next chapter. He brings a deep understanding of our requirements and opportunities, and a successful record of steering an ASX-listed entity through a period of transformation and growth."

"The Board was especially impressed with Jonathan's strategic thinking, global viewpoint, tremendous energy and commitment to culture and staying true to Nuix's organisational mission. He displays a devotion to achieving standards that delight customers, and an acute awareness of the powerful role of the Nuix engine and the opportunities that come from this unique and world leading technology," he added.

Mr Rubinsztein appears to be up for the challenge of leading Nuix.

He said: "There are few Australian-born technology companies that have achieved the kind of global leadership that Nuix has in its target markets. Certainly, it has faced some challenges in its early life as a listed entity, yet the potential and promise of the business remains enormous."

The release also notes that the Nuix Board has agreed to permit Mr Rubinsztein to take up an intended non-executive director role for a smaller company in the technology services sector should its planned IPO occur later this year. The new CEO has confirmed that the obligations of this role will not compromise his ability to perform his duties at Nuix.

Despite its recent rebound, the Nuix share price is still down 65% in 2021.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Infomedia. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia has recommended Infomedia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Three exuberant runners dash towards the camera. One raises her arms in triumph; another jumps in the air with arms raised. The third runner gives a satisfied smile.
Share Gainers

3 ASX 200 shares going gangbusters in June

ASX 200 investors have sent these three stocks soaring in June. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

Why Boss Energy, Judo Capital, Life360, and Paladin Energy shares are pushing higher

These shares are ending the week on a high. But why?

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

Today's trading gave ASX investors some much-needed relief.

Read more »

Happy man working on his laptop.
Share Gainers

Why Bubs, Codan, Life360, and Sayona Mining shares are charging higher

These shares are catching the eye on Thursday. What's going on?

Read more »

a cute young girl with curly hair sips a glass of milk through a straw with a smile on her face.
Consumer Staples & Discretionary Shares

Guess which A2 Milk rival's shares just rocketed 21% on US news!

Up 65% in 2024, A2 Milk shares remain the better performer, but this rival is making up ground today.

Read more »

The silhouettes of ten people holding hands with their arms raised against the sky, as the sun rises or sets in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another horrid day for ASX investors this hump day.

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Share Gainers

7 ASX All Ords shares rocketing higher while the market sinks

These shares are avoiding the market weakness on Wednesday.

Read more »

A man sees some good news on his phone and gives a little cheer.
Share Gainers

Why Bapcor, Botanix, Judo Capital, and Woodside shares are rising today

These shares are having a better day than most on Wednesday.

Read more »