Bravura loses another CEO as Russell announces exit

Bravura CEO Andrew Russell has announced he will be stepping down from the company, having taken the role in July 2023. He held the role in an interim capacity for a month after the exit of Libby Roy.

He is the third chief executive in three years following Roy and Nick Parsons, who each held the role for less than two years.

In an ASX release, the software firm said Russell would be stepping down as group chief executive and managing director and will commence an international search.

Russell’s tenure as CEO has seen Bravura’s share price rise 61 per cent over the past year.

Upon taking over the role, Russell embarked on an aggressive cost-cutting process which aimed to reset and energise the business, as well as accelerate financial performance via rebuilding client trust and shareholder reputation, building a product-focused capability and delivering a lower cost to serve.

Initial projections of $25–30 million more than doubled, with cost-cutting ending up at $67 million and counting, while Bravura’s share price has risen 61 per cent over the past year.

“I joined Bravura at a very challenging and critical time requiring difficult decisions to be made and fast action to be taken to restore profitability and restructure the company, whilst at the same time improving engagement with our customers and employees,” Russell said.

“I am proud to have led Bravura through this period and to see the company achieve such a significant turnaround. Bravura is now well positioned to build on the strong foundation we have created and I believe it is the right time for me to step aside to allow the board to find a successor who can capitalise on this position and continue the positive trajectory. I’d like to thank the Bravura team and our clients for their support during my tenure as CEO.”

Bravura chairman Matthew Quinn added: “Andrew has done a magnificent job as CEO and we congratulate him for the results he has achieved. We wish him well for the next stage of his career and he leaves with the board’s thanks and best wishes.”

Non-executive director Shezad Okhai has been appointed as interim chief executive but will not be considered for the permanent role. He was Bravura’s chief commercial officer from August 2023 to June 2024.

During his tenure as interim CEO, Toronto-based Okhai will take a leave of absence from his role as chief investment officer at Pinetree Capital.