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

Smiling couple looking at a phone at a bargain opportunity.
Technology Shares

3 bargain ASX tech shares I'd buy right now

Tech shares have sold off, but that could be creating opportunities.

Read more »

defence personnel operating and discussing defence technology
Technology Shares

Why EOS shares are tumbling 11% today as investors weigh a key defence catalyst

EOS shares fall 11% as investors await a key contract update.

Read more »

Buy and sell written on a white cube.
Technology Shares

Why this top fundie is tipping Life360 shares for outsized gains

A leading fund manager believes Life360’s beaten-down shares could be set for a large rebound.

Read more »

Robot humanoid using artificial intelligence on a laptop.
Technology Shares

Xero shares push higher on deal with AI giant Anthropic

This tech stock is avoiding the market selloff on Friday.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Technology Shares

Why are Weebit Nano shares crashing 15% today?

Let's see why this tech stock is sinking on Friday.

Read more »

A woman scratches her head, thinking is this a no-brainer?
Technology Shares

Down 65%: Are Pro Medicus shares in the buy zone yet?

Pro Medicus has had one of its toughest periods yet...

Read more »

Red arrow going down, symbolising a falling share price.
Technology Shares

Why is this battered ASX tech stock losing big today?

Analysts remain bullish and see 110% upside for the growth share.

Read more »

A dollar sign embedded in ice, indicating a share price freeze or trading halt
Technology Shares

This ASX tech stock is frozen today. Here's what's going on

ASX tech stock enters halt as a capital raising looms.

Read more »