Iress announces management restructure and job cuts
Following a strategic review of its business, Iress has made changes to its senior leadership teams, launched an innovations division and announced a 10 per cent headcount reduction.
The fintech firm intended to lean into its core software offerings, which would include reinvestments in advice technology, expanding its connectivity capabilities in wealth and trading, including Xplan Affinity, and exploring opportunities offered by AI and data.
“At the core of Iress’ refreshed strategy is a strong focus on getting closer to our clients and driving a higher level of accountability and transparency to drive market-leading results in each of our markets,” said Iress Group chief executive Marcus Price.
“We will do this by transitioning to our new team structure, enabling us to get closer to our clients and drive higher performance through end-to-end accountability.
“Our analysis has confirmed that the core of the Iress business is incredibly attractive and exceptionally positioned at the centre of a thriving Australian wealth and trading ecosystem.
“Our ambition is to refocus on our clients in financial advice, trading and market data, and superannuation by reinvesting in our core software and building the next generation of advice software, industry connectivity and data and analytics capabilities.”
Price, who stepped into the role in July 2022, expressed confidence that the new organisational structure would put the firm in a strong position for growth.
Effective 1 July 2023, Iress’ leadership team would include Harry Mitchell as CEO of wealth management, Jason Hoang as CEO of trading and market data, Paul Giles as CEO of superannuation, and John Harris as CEO of managed portfolio.
Other appointments included Justin Schmitt as chief operating officer, David Hentschke as chief innovation officer, and Ana Smith as chief transformation and strategy officer.
Joydip Das, who had been chief product officer at Iress, would depart to pursue other opportunities, and the role would not be part of the new structure.
Iress also said it would move forward with divesting its MFA and platform businesses and assured clients that it would not impact day-to-day operations.
Additionally, it announced a 10 per cent headcount reduction towards reducing cost.
In its 2022 full-year results, Iress had indicated it was “evaluating business models and product strategies” while underlying net profit after tax (NPAT) was up by 6.1 per cent to $72.3 million.
AUTHOR
Rhea Nath
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