A continued push offshore by wealth management software provider Bravura Solutions has prompted the departure of company co-founder and chief executive, Simon Woodfull, the company's chairman has said.
"I think Simon felt that after nearly eight years of driving Bravura to this level he just felt it was time for somebody with perhaps that additional level of commitment to take that role so he decided to step aside," Bravura Solutions chair and acting chief Brian Mitchell said.
Mitchell said as the company obtains more than half of its revenues and more than half of its profits from the United Kingdom, the shape of the business is unlikely to revert back to the Australian concept.
"Australia remains important for us but it's a fact of life we are a global supplier of software services so in that context we really do need a [chief] who is capable and wishes to spend maybe up to half of his or her time in those other markets," he said.
Mitchell said Woodfull will no longer remain a part of the company in any regard.
"I think we felt it was probably best that if Simon couldn't make that commitment we really did need to recruit a new [chief]who was unfettered by any previous decisions," he said.
"We've started a search for a new [chief] of the company."
Mitchell said the search for a new chief would be conducted locally and internationally.
"As a result of which we really are undertaking quite a broad search and we are going to look for the best candidate whether that be an internal candidate, there are perhaps a couple who would be interested, or an external hire," he said.
Woodfull's departure comes less than a month after the Bravura board rejected unsolicited offers to acquire all of the issued capital of the group, with the company's board confident in the strategy and direction of the business.
