In a statement to the market on Friday, Praemium announced that Powerwrap chief executive Will Davidson would step down from his position “by mutual agreement” following Praemium’s acquisition of 94 per cent of the shares in Powerwrap on 2 October.
Praemium noted that Powerwrap’s non-executive directors had also stepped down from its board and the company had delisted from the ASX on 6 October, to become a non-listed subsidiary of Praemium.
“The business is in a great position and the bringing together of technology and transactional capability really unlocks the potential of the merger,” Mr Davidson said.
“The transformation of Powerwrap over the last two-and-a-half years has now positioned the combined businesses to provide a unique and compelling platform proposition.”
Praemium chief executive Michael Ohanessian said Mr Davidson had provided “assistance and professionalism” throughout the sale process.
“Under his leadership, Powerwrap has developed a strong focus on client service and support, and we will work to continue that high level of service into the future,” Mr Ohanessian said.
Praemium noted it would acquire the final 6 per cent of Powerwrap shares in early November.
