Bravura chief exits: 'Right time to step aside'

Bravura chief executive Andrew Russell has decided to step down from his role, effective immediately, after leading the software solutions company through a turnaround.

Russell joined Bravura in June 2023 in the role of managing director and chief executive.

"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. I am proud to have led Bravura through this period and to see the company achieve such a significant turnaround," Russell said.

"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."

The board said it will commence a comprehensive international search for its next chief executive and thanked Russell for his tenure.

"Andrew has done a magnificent job as chief executive, and we congratulate him for the results he has achieved. We wish him well for the next stage of his career and he leave with the board's thanks and best wishes," Bravura chair Matthew Quinn said.

Russell will continue to be available until 30 June 2025 to assist with a transition of leadership and will continue with Bravura in an advisory role through the next financial year.

Bravura non-executive director, and chief commercial officer from August 2023 to June 2024, Shezad Okhai has been named as interim chief executive while the search for a permanent replacement takes place.

In the interim role, Okhai will be paid a fixed annual remuneration of $500,000 pro-rated for the length of service and no other incentives will be made available during his time in the role. He will continue to be based in Toronto.

During his appointment as interim chief executive, Okhai will take a leave of absence from his role as chief investment officer at Pinetree Capital.