Allan Brackin to succeed John Puttick as chairman
GBST (ASX: GBT), which provides software for capital markets and wealth administration through its GBST Syn~, GBST Shares and GBST Composer platforms, today announced that Mr Robert De Dominicis has been appointed managing director and chief executive officer with immediate effect. It also announced that Dr John Puttick has decided to retire from the Board after 31 years as chairman of GBST, which he founded in 1983.
Mr De Dominicis co-founded the wealth management software provider InfoComp in 1988. The business was acquired by GBST in 2007 to extend the company's services into wealth management and provide a UK presence with a strategic platform for international growth. As chief executive of the group's wealth management business he has been responsible for driving its revenue growth from $22.8 million in FY2010 to $69.1 million in FY2015, including $50.1 million from international operations.
Mr De Dominicis has a Bachelor of Mathematics degree with a focus on Computer Science from Wollongong University, and has 30 years’ experience in the development of software applications.
GBST chairman Dr John Puttick said the appointment of Mr De Dominicis followed an extensive review of internal and external candidates in Australia and internationally which led the Board to conclude that he was clearly the best candidate for the role.
"Under Robert's leadership, GBST's wealth management business has made outstanding progress, trebling sales in five years and achieving tremendous growth in the UK. He is very well placed to propel GBST further as it grows into a truly global company.
"It is pleasing that the depth of talent within GBST has enabled the appointment of an internal candidate, demonstrating the strength of our management team. Robert has spearheaded the sales of our wealth management platform and capitalised on the UK opportunity to transform wealth management into our largest business. I am confident he has the skills and experience to drive GBST's continuing growth," said Dr Puttick.
Mr De Dominicis said he was delighted to be appointed to lead GBST, which has a history of providing robust, flexible software platforms for the financial services industry.
"GBST is a company with great people and products and a track record over 20 years of supporting clients over the long term. Our key focus is our clients' needs as they rely on us for dependable products to help them manage market, legislative and technology change.
"We will focus our resources on products where we have immediate opportunities and markets where we have proven capability. I look forward to building on GBST's strong international foundation."
Mr De Dominicis has been appointed on a rolling contract with no fixed term. There is no increase to the existing fixed remuneration of Mr De Dominicis, and his total remuneration package has a higher proportion at risk subject to him meeting short term and long term performance criteria, to ensure his remuneration aligns with total shareholder value creation.
Dr Puttick advised that Mr De Dominicis would be based in the UK, dividing his time between Australia, the UK and Asia. He said that the appointment of a new managing director and chief executive officer had confirmed the strength of GBST's succession planning processes.
"Over the past year we have been reviewing the structure of the Board to ensure that our skills support the company's continued growth. As a result, Christine Bartlett joined us in June, and I intend to retire as chairman at the end of the year. Allan Brackin, who joined the Board in 2005, will succeed me on 1 January 2016. I will continue to retain a deep interest in the company, including remaining as a long-term shareholder."
Dr John Puttick founded GBST in 1983, and is an acknowledged doyen of the IT industry and the pioneer who provided the vision for GBST's development. He has more than forty years experience including more than thirty years' developing commercial financial services technology solutions at GBST. He holds a Doctor of the University from Queensland University of Technology and chartered accounting qualifications from Auckland University of Technology. His numerous external appointments include being a member of the Council of the Queensland University of Technology, as well as adjunct Professor, School of Information Technology and Electrical Engineering at the University of Queensland. He is a Member of the Hall of Fame of the Pearcey Foundation and a Fellow of the Australian Computer Society.
Mr Allan Brackin was appointed to GBST's Board in April 2005. He was previously director and chief executive officer of Volante Group, one of Australia’s largest IT services companies, from November 2000 to October 2004. Prior to this, Allan co-founded a number of IT companies including Applied Micro Systems (Australia) Pty Ltd, Prion Pty Ltd and Netbridge Pty Ltd. He is chairman of ASX-listed mining technology company RungePincockMinarco Limited, chairman of IT software company Emagine Pty Ltd and Chairman of telecommunications carrier Opticomm Pty Ltd. Allan is also a member of the advisory board for several IT companies. He holds a Bachelor of Applied Science from the Queensland University of Technology and has completed the OPM (Owner/President Management) program at Harvard Business School.