Believe a ~12% sell off on today's announcement as a bit of an over reaction and as such added to my RL portfolio.
Iress announces CEO succession, 1H FY22 preliminary unaudited results and reaffirmed guidance
Iress (IRE:ASX) (“Iress” or the “Company”) today announces the appointment of Marcus Price as its new Managing Director & CEO, effective 3 October 2022.
Andrew Walsh has notified the Board of his intention to retire, having been with the company since 2001.
Marcus Price has over 25 years of experience leading transformative financial services and technology businesses. Mr Price was previously the inaugural CEO of PEXA Group, Australia’s first digital property exchange. He has also held senior positions with NAB and the Boston Consulting Group, and previously served in senior executive roles with both Equifax and Dun & Bradstreet.
The appointment followed a thorough succession planning, candidate search and evaluation process.
Roger Sharp, Chair of Iress, said the Board is delighted to welcome Mr Price to the Company and thanked Andrew for his long and successful career with Iress.
“Andrew has been an outstanding leader and steward of Iress. Since taking over as CEO in 2009, he has been instrumental in building Iress into a highly innovative market leader with a global footprint. The Board understands his decision, is tremendously grateful to Andrew for his service and wishes him well in his future endeavours
.” “Marcus is ideally placed to steer Iress on the next phase of its journey. He brings tremendous experience in financial services and technology businesses with a demonstrated track record in creating shareholder value.
As the founding CEO, Marcus is acknowledged as the driving force in the creation of PEXA, which he led for more than a decade.”
To facilitate a smooth transition and continuity of leadership, Mr Price will be appointed a Non-Executive Director of Iress with effect from 26 July 2022, prior to assuming the Managing Director & CEO role on 3 October 2022
Mr Walsh will remain with Iress as a consultant from 3 October 2022 until the end of January 2023.
Mr Walsh said, “After more than 20 years at Iress and with the company in such a strong position, I feel the time is right to pursue new opportunities. I am proud to have seen Iress through a period of substantial transformation and growth into what is today a successful global technology business and market leader.
My sincere thanks go to the entire Iress team for their hard work, support and friendship over the years and I look forward to supporting Marcus in the transition.”
