Financial software provider Bravura has extended the term of its chief commercial officer (CCO) as it seeks to finalise projects.
Shezad Okhai was appointed last August as CCO in order to help Bravura to deliver on its business performance improvements, customer engagement and commercial management, and in leading specific strategic and commercial initiatives.
He had been appointed to the Bravura board in April 2023 as a non-executive director.
At the time, chief executive and managing director Andrew Russell commented: “We have a lot to achieve in FY24. Shezad brings a wealth of enterprise software and business development experience to Bravura.
“He will be a great addition to the executive leadership team and will undoubtedly make a significant contribution to our business development, accelerating our operating performance across our business to successfully rebuild value for our shareholders.”
The role was initially expected to be on a fixed-term contract from 15 August 2023 to 30 June 2024, but the firm said this term has now been extended by six weeks to finish on 15 August 2024. This will allow Okhai to “finalise specific projects on which he has been working”, the firm said in an ASX statement.
During this period, Okhai will cease to hold the CCO position and instead move to a consultant role. He will also cease to be an executive director as of 1 July but will continue on the board as a non-independent director.
In the firm’s half-year results for the six months to 31 December, the company detailed how it is embarking on a transformation plan including realigning around core markets, building a quality business, growing with existing clients and market-leading technology.
Its organisational change program is tracking to deliver $65 million in total annualised gross savings, it said in a shareholder presentation, thanks to organisational realignment, optimising the operating model, rightsizing and external cost reductions.
“We are making good progress with our ‘reset and energise’ strategy and the business has returned to profitability in 1H24. We have implemented our new operating business structure to realign around our core regions, products and clients in EMEA and APAC.”
Bravura provides software solutions for wealth managers, life insurers, and fund administration firms.
