Praemium, The Australia-based, ASX-listed financial platform provider, said today that it had “terminated the employment” of its chief executive and managing director, Michael Ohanessian.
The company announced the move to the Australian Securities Exchange (ASX) this morning in a statement.
“The board believes that a chief executive officer with a different skill set would better serve the company’s leadership needs for the next phase of its growth and development,” the statement said.
“Michael leaves the company in good shape, and the board acknowledges his instrumental role in the transformation of Praemium to a profitable global firm.
“Mr Greg Camm will act as executive chairman until a new chief executive officer is appointed.”
Praemium said it had engaged the global executive search firm, Egon Zehnder, to help it to identify a successor.
Ohanessian, pictured, wasn’t immediately available for comment.
Praemium was founded in 2001 by Australian Arthur Naodoumidis, a former IT consultant, and listed on the ASX in May, 2006. In addition to Australia, it maintains offices in Jersey, Hong Kong and the UK, where it has been present since 2008.
Ohanessian joined Praemium in 2011.
Last year, as reported, it acquired Wensley Mackay Ltd, a UK SIPP provider.
Earlier this month, Praemium reported a record profit for the six month period to the end of December, helped by reduced losses in its international businesses, and “record inflows” in the half, and said it is currently administering funds globally of some A$5.4bn (US$4.14bn, £3.33bn).