GBST appoints new CEO

15-Dec-2015

By Wouter Klijn

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Capital markets software provider GBST has appointed Robert De Dominicis as chief executive and managing director, after the departure of Stephen Lake in September this year.

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 the financial year 2010 to $69.1 million in 2015, including $50.1 million from international operations.

The company also announced that John Puttick has decided to retire from the board after 31 years as chairman of GBST, which he founded in 1983.

Puttick will be replaced by Allan Brackin, who joined the board in 2005.

Puttick said the appointment of De Dominicis followed an extensive review of internal and external candidates in Australia and internationally which led the board to conclude that he was 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,” Puttick said.

De Dominicis has been appointed on a rolling contract with no fixed term.

There is no increase to the existing fixed remuneration of 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.

De Dominicis will be based in the UK, dividing his time between Australia, the UK and Asia.

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