Bravura Solutions CEO steps down after just 10 months in role

Bravura Solutions CEO steps down after just 10 months in role

Outgoing Bravura Solutions CEO Libby Roy.

In yet another setback for female leadership at ASX-listed companies, software group Bravura Solutions (ASX: BVS) has announced its CEO and managing director Libby Roy is stepping down from the role immediately.

Roy, a former managing director of business at Optus who has also held senior roles with PayPal and AMP (ASX: AMP), took on the top job at Bravura in August 2022 following the announced departure of Nick Parsons two months prior.

The outgoing CEO was a non-executive director at Bravura for two years before her appointment, and there is a similar pattern at play with the choice of interim CEO today - a role to be filled by Andrew Russell.

Russell has been at the company since March and was made interim chairman in April, until that job was assumed by former Stockland (ASX: SGP) managing director Matthew Quinn this month.

The board has commenced a global external executive search for a high-calibre and experienced CEO to lead Bravura.

"Bravura has deep intellectual property, market leading products and a valued, high quality customer base," says chairman Matthew Quinn.

"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."

Today's announcement also added that chief financial officer Neil Montford would be stepping down from the role of joint company secretary, which has been an additional responsibility since 1 June. That role will now be filled by Melissa Jones (nee Corbutt).

Libby Roy was credited with instituting an organisational change program to reconfigure Bravura's strategy, which has involved a major reshuffle of the board at a time when there has been a 'number of operational and market-related challenges'.

"However, after conducting a wide-ranging strategic review of our business and having taken some tough but necessary decisions, I believe we now have a plan in place that will allow us to better manage and monetise our suite of high quality, mission-critical products and build on our strong customer base," she said in February after reporting a net loss of $190.9 million for the December half, most of which came from $175.9 million in impairment charges, predominantly goodwill.

"I am confident in the team’s ability to execute on this plan and achieve our targets of delivering an estimated $25-30 million in annualised cost benefits once fully implemented."

After reporting that loss, the Sydney-based Software as a Service (SaaS) group rattled the tin in March to successfully raise $80 million, diluting 81 per cent of Bravura's shares on issue at the time.

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