Iress has shared an update on its CEO business structure while Xplan co-founder Jason Hoang is to depart.
In an ASX statement, the firm announced chief executive Marcus Price will be transitioning to focus on strategic growth opportunities for the business as it progresses with its transformation program.
This has seen the firm divest its managed funds administration business, its Pulse portfolio management software and, most notably, its platforms business which was successfully sold to Praemium in April 2024. These divestments are part of Iress’ strategy of simplifying its operations and divesting non-core businesses to retire debt.
Most recently, it divested its UK mortgages business to Bain Capital Tech Opportunities LP for a total cash consideration of £85 million ($167 million) before costs.
Instead, Harry Mitchell, who joined Iress last year, has been promoted from group executive for APAC and the UK to deputy group chief executive. This will see him assume responsibility for Iress’ superannuation business, alongside APAC wealth and UK wealth & sourcing.
The firm also announced Xplan co-founder Jason Hoang will step back from his role as trading and market data chief executive. Hoang has been with the firm for 23 years, primarily as managing director for Asia which he held for more than 20 years in Singapore.
He was promoted to the trading and market data CEO role in April 2023.
In light of his departure, Geoff Rogers has been appointed as chief executive of trading and market data. Rogers joined Iress in 2022, most recently overseeing its South Africa and Canada division. Prior to joining Iress, he held roles at MLC and NAB including group executive of advice.
Iress group chief executive Price, said: “Harry has proven himself to be a dynamic leader at Iress, delivering improved profitability and performance in our wealth business and executing a significant turnaround in our UK businesses, and we are delighted he has accepted the role of group deputy CEO.
“At the same time, we extend our appreciation to Jason, who pioneered our Xplan software and has been a valued member of our leadership team. We are fortunate to have an executive of Geoff Rogers’ calibre within the organisation who is well-equipped to steer the trading and market data business forward.”
Earlier this month, Iress announced it had hired Susan Forrester AM and Robert Mactier as independent non-executive directors, effective 4 October.
Forrester served as chair and non-executive director on several ASX-listed companies, Iress noted. She is currently the chair of Jumbo Interactive Limited and a non-executive director of Data #3 Limited and Plenti Ltd. Meanwhile, Mactier has similarly served as chair and non-executive director of various companies in Australia and overseas. He is currently the chair of Nuix Limited and a non-executive director of Kinetic IT Pty Limited.
