Libby Roy, the CEO of platform engine and fintech Bravura Solutions, is to step down with immediate effect after only a year in the role.
The move comes only a few months after the firm announced plans to downsize and cut offices and staff.
Ms Roy still stay with the company until 30 June for a handover. She was appointed in June last year, replacing Nick Parsons who stood down in August 2022.
Bravura’s board has begun the hunt for a, “high calibre and experienced CEO” to lead the firm. Andrew Russell, an independent non-executive director, will lead the company as interim CEO until a replacement for Ms Roy is found.
Bravura chairman Matthew Quinn said: “Our new CEO will be selected based on their ability to provide exceptional service to our customers, lead our talented employees and create value for shareholders. We thank Libby for her time as CEO.”
The company has also announced that effective immediately it has appointed Melissa Jones (nee Corbutt) as joint company secretary and Mr Montford steps down as joint company secretary.
Mr Russell’s pay package will be worth approximately £400,000 while he is interim CEO.
Bravura has suffered a series of setback in the past 12 months.
In March the Australian-based company announced it would downsize its UK offices as part of a global cost-cutting exercise, with some offices set to be cut altogether in Australia and New Zealand. The company said it would close three offices and downsize a further six.
It also announced plans to reduce its global workforce by up to 10% as part of the A$30m (£17m) cost-cutting programme, as it moves more work to teams in India and Poland.
The number of workers at the group climbed from 1,553 at 30 June 2022 to 1,637 by 31 December 2022 at 16 offices around Australia, New Zealand, United Kingdom, Europe, South Africa, and India. That means that up to 160 of the company’s staff are being axed.
The international business acted after it made a net loss of A$190m (£170m) in the second half of last year.
That was down from a A$15m (£8.4m) profit it made in the same period a year earlier.
The firm, which is listed on the Australian Stock Exchange, underpins adviser platforms Nucleus, Fidelity and M&G Wealth.
