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.
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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.
