Guess which ASX 200 tech stock jumped 7% on big news

This tech stock had a strong session on Thursday. But why?

| More on:

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

Iress Ltd (ASX: IRE) shares were on form on Thursday and raced notably higher.

The financial technology company's shares ended the day up a sizeable 7% to $9.05.

This followed the released of some big news out of the ASX 200 tech stock.

Man leaps as he runs along the street.

Image source: Getty Images

What did the ASX 200 tech stock announce?

Often a company's shares will tumble when it announces the exit of its CEO, but on this occasion the market appears happy with the news.

According to the release, Iress has announced the appointment of Andrew Russell as its new group CEO and managing director effective Monday 17 November 2025. He succeeds Marcus Price, who has been with the Company since 2022 and leaves with immediate effect.

The ASX 200 tech stock's chair, Roger Sharp, said:

Marcus has delivered a pivotal turnaround project for Iress, sharpening our focus, divesting non-core businesses and restoring the balance sheet. On behalf of the Board, we thank him for his service and wish him the best for the future.

The next phase of our strategy will be intensely product and client-focused, and we are very pleased to have appointed a leader as experienced as Andrew in this domain. Andrew is an experienced CEO with a proven track record in delivering shareholder value and building trusted relationships with clients, investors and employees.

Who is Russell?

The release notes that Mr Russell has over 25 years' experience in both Australian and international financial services and software companies.

In his two most recent executive roles he led wealth technology providers Bravura Solutions Ltd (ASX: BVS) and Class Limited, which was acquired by HUB24 Ltd (ASX: HUB) in 2022.

It highlights that at Bravura Solutions, he restored profitability and developed a culture of growth through innovation.

Commenting on his appointment, Andrew Russell said:

I'm excited to join Iress at such a pivotal time for the business and the broader wealth technology sector. Iress has achieved a market-leading position by developing trusted technology platforms and long-standing client relationships, and my focus will be to capitalise on the strong position Iress finds itself in following the strategic transformation program the Board and management team have led over the past two years.

I see enormous opportunities to innovate, grow and deliver greater value in the years ahead. I look forward to joining the Iress team and meeting the company's shareholders, people and clients.

Mr Russell will also be appointed to the Iress board when he commences in November and will be based in Sydney, Australia.

As Marcus Price is stepping down from the company today, Iress' CEO – Global Trading & Market Data, Geoff Rogers will be appointed acting CEO until Mr Russell commences on 17 November 2025.

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. has positions in and has recommended Bravura Solutions and Hub24. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Technology Shares

A woman nervously crosses her fingers, indicating hope for positive share price movement
Technology Shares

Is the ASX 200 tech wreck over amid a 6% rise in shares today?

ASX 200 tech shares fell 48% between 29 August and 30 March. Here comes the rebound!

Read more »

A silhouette of a soldier flying a drone at sunset.
Technology Shares

Why DroneShield shares are roaring back after last week's leadership shock

Buyers return to DroneShield as defence demand remains strong...

Read more »

Happy woman working on a laptop.
Technology Shares

2 ASX 200 shares down 30%+ that I'd buy with $4,000

Big share price declines can create opportunities, but only if the underlying business is still moving forward.

Read more »

Man with a hand on his head looks at a red stock market chart showing a falling share price.
Technology Shares

Have these top ASX shares been sold off too far?

AI uncertainty has shaken confidence in software stocks, but long-term fundamentals may still be intact.

Read more »

A young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Technology Shares

This dirt cheap ASX 200 tech stock could rise 70%

Bell Potter is tipping this technology share to rise strongly from here.

Read more »

A man flying a drone using a remote controller
Technology Shares

Is now a good time to invest $5,000 into DroneShield shares?

A leadership change and recent pullback have shifted sentiment, but the long-term opportunity remains.

Read more »

Military engineer works on drone.
Technology Shares

Will EOS shares ever go back to $5?

Is the $5 level still in play for EOS shares?

Read more »

A smiling man leans out his car window, car keys in hand and looking happy.
Technology Shares

Here's why this $9 billion ASX tech share could be a buy right now

The tech company has a dominant position and a long growth runway.

Read more »