Bravura appoints new director amid board refresh

Bravura Solutions has welcomed Charles Crouchman as an independent non-executive director, marking its third new board appointment in two months.

Crouchman is an experienced technology executive, having spent nine years as chief product officer and chief technology officer at Turbonomic, a cloud management tools business, and remaining as the head of strategy, IT automation, after its acquisition by IBM. 

“It is great to welcome Charles to the Bravura board. He brings deep technical knowledge and experience which will bring value as we continue the transformation of our company,” said Matthew Quinn, chairman at Bravura.

Last month, the fintech firm saw a 6.4 per cent decline in group revenue, down from $266.6 million in FY22 to 249.6 million as it posted its FY23 results. 

It also reported a $280.7 million loss in group net profit after tax (NPAT), a substantial 1,038 per cent decline from its $29.9 million NPAT in FY22.

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Following this, Bravura promised a refreshed board in the second half of 2023 alongside resetting the business to ensure a profitable future by the end of FY24.

It welcomed Sarah Adam-Gedge as an independent non-executive director and chair of the audit and risk management committee, and a member of the human resources committee.

Damien Leonard was named as a non-executive director. 

Adam-Gedge holds extensive global experience leading professional services, consulting, digital electronics and information technology organisations. Previously, she held leadership roles at PwC and Arthur Andersen.

Meanwhile, Leonard joined the company’s human resources committee and will bring his strong expertise in strategic advice to the role. He was appointed president of Pinetree Capital in 2020, and holds over a decade of public markets investing experience.

Earlier, Bravura saw the appointment of its third chief executive in three years, with Andrew Russell taking up the CEO role in July from Libby Roy, who spent less than a year in the role. 

In a joint message with Quinn to shareholders, Russell admitted FY23 was a “year of underperformance” and it would “take time to rebuild trust”.

“Similarly, it has created uncertainty and concern for our people and our customers, and over the next few months, we will communicate openly with all stakeholders to update you as we stabilise the company, restore it to profitability and rebuild value,” he said. 

Russell added that Bravura is “making progress” on resetting the business to ensure a profitable future by the end of FY24.

It is set to finalise a three-year strategic plan to present to stakeholders in late October 2023.