After almost 10 years in the role, chief executive Michael Ohanessian is to leave the Australia-headquartered company.
It marks his second departure from the business after he was ousted by the previous board four years ago.
He launched a successful fightback that saw him not only win back his job but also remove the board.
A stock exchange announcement on 20 May quoted chair Barry Lewin as saying: “On behalf of the board, we are very appreciative to Michael for his hard work and wish him well in his future endeavours.
“During his tenure, Michael has built a solid and profitable foundation at Praemium. He leaves the business having positioned Praemium for continued strong growth, both in Australia and overseas.”
No further details were provided about why he is stepping down.
International review
The board also announced that it has appointed Deloitte Corporate Finance to undertake a strategic review of Praemium’s international business.
Again, no further details were provided.
Interim appointment
Ohanessian will be replaced by non-executive director Anthony Wamsteker, who will fill the role on an interim basis, in addition to becoming executive director.
He will receive a monthly fee of A$50,000 (£27,381, $38,772, €31,755) for these services, with one month’s termination notice.
Wamsteker joined the Praemium board in November 2020 following the firm’s acquisition of Powerwrap.
He brings more than 30 years’ experience in financial services, including nine years as the founding chief executive of ME Bank.
A formal process to appoint a permanent chief executive is under way.
