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

Nuix has named its new leader…

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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.

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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.

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