Praemium chief exits amid leadership renewal

Praemium is reshuffling its top leadership to refresh its strategy, keeping the same goals but with "faster pace, better execution and increased focus on customers".

Praemium chief executive Anthony Wamsteker has stepped down from his role, effective immediately.

Last week, the platform brought forward its board leadership transition, with board member Matthew Quinn replacing chair Barry Lewin, who stepped down after almost a decade from the role. Quinn joined the Praemium board on June 1 as a non-executive director and assumed the chair role on September 22.

Praemium chief commercial officer Denis Orrock will take over the role of the acting chief executive, as the board undertakes the recruitment process for a permanent replacement.

Orrock joined Praemium in 2022 and has over 30 years of experience in financial services including as chief executive of GBST Broker Services and head of capital markets.

Quinn said renewal of leadership happens from time to time in every company, and this is no different. He added the new leadership will focus on the same goal with faster pace, better execution, and increased focus on customers.

"Praemium is at an exciting and pivotal point. We are currently transforming our technology platform and over the next year we will progressively roll out the new platform to our clients," Quinn said.

"This will include a suite of new functionality and product enhancements designed to improve client user experience and enhance their productivity.

"Denis and the management team are focused on delivering this project efficiently and cost effectively and building revenue from both existing and new clients via their adoption of the company's new and enhanced products."

The new technology platform is also expected to deliver efficiency and productivity gains for the company with associated reductions in the cost base.

The board thanked Wamsteker for his time as the chief executive. He has a three-month notice period and will assist Orrock as he steps into the role of acting chief executive.

Orrock's total fixed remuneration would be $765,900, same as Wamsteker. Orrock's target short-term incentive opportunity, and existing long-term incentive plans remain unchanged during the period of his acting chief executive appointment.

The platform is sharply focused on targeting the high-net-worth segment and recently said the strategy has worked out to its favour, as total funds under administration (FUA) jumped to $77.9 billion for the year ending 30 June 2026, a 21.1% increase from last year.

Praemium shares jumped 10% in early trade following the leadership change.