Bravura loses another CEO
update Just over 12 months after his appointment, the group chief executive officer (CEO) of wealth management software vendor Bravura has resigned his post.
Simon Woodfull, appointed in February last year following a management restructure, has left his position at the software company due to an unwillingness to participate in frequent travel between the Australian and UK markets, according to company chairman and now acting CEO, Brian Mitchell.
"Last year … the UK represented 25 per cent of our business. Now, it represents over 50 per cent. Our biggest clients are also over there. Australia is a smaller market at the end of the day, and that was going to require a CEO to spend a significant time overseas or be based overseas altogether. Simon didn't feel that he wanted to do that amount of travel or make that level of commitment so he felt it best to separate [with the company]," Mitchell told ZDNet Australia.
Bravura has spent the last 12 months flirting with potential buyers, most recently rejecting the latest round of offers and telling shareholders that the board is "confident of the direction of the business".
Mitchell said that the most recent rejected round of offers had nothing to do with Woodfall's departure.
Updated at 4:40pm 11 April 2011: comment from Brian Mitchell added.