Andrew Walsh will take the reins of financial services firm Iress Market Technology (Iress) after the firm's managing director announced he would not extend his tenure.
Iress managing director Peter Dunai informed the market last year of his decision to not continue on in the top job into 2010.
Since Dunai's announcement, the company has been searching for a successor and decided on current Iress head of wealth management Walsh.
"In building our wealth management division Mr Walsh has shown the rare combination of business, product and technical skills that we need to continue the company's growth as a leading financial systems vendor," Iress chairman Neil Hamilton said.
"We are very confident in Mr Walsh's ability and in particular his understanding of the service culture which has served us so well."
The next several months will be spent in an appropriate handover process, with Walsh expected to take up the position formally before the end of the year.
Dunai will continue to work as a director with executive responsibilities for strategic development including acquisitions.
He will also replace Hamilton as chair when he steps down at Iress' annual general meeting in May 2010.
Earlier this week, Iress reported an increase in underlying group profit to $26.4 million. The figure is an increase of 13.6 per cent from $23.3 million in 2008.
