Fresh on the heels of chief financial officer Stephen Doyle exiting the business (as suggested in yesterday’s email), Nuix has now lost chief executive officer Rod Vawdrey as well.
Nuix surprised the market on Tuesday when it announced the departure of Mr Vawdrey 35 minutes after confirming media reports of the CFO’s absence.
And rather than take another lurch downwards, the market applauded the two departures and treated the news as positive and up went the shares by more than 4% to $2.76.
The troubled tech said Mr Vawdrey would remain in his role while an international search is conducted for a replacement.
The data forensics group, in announcing it has parted ways with Mr Doyle by mutual agreement, revealed it had found an interim replacement in Chad Barton, former CFO at casino operator The Star, while a permanent replacement is found.
Nuix Chair, Hon Jeff Bleich, said in the ASX statement that “Rod’s decision reflects his deep commitment to Nuix and love for the company. Rod has agreed to remain at least through the announcement of end of year results, and throughout the process required to find the right replacement to ensure the smoothest possible transition.
“Nuix is a great company with world leading technology, an extraordinary portfolio of clients, and an incredibly passionate and committed team of employees. We are confident that the pool of candidates will be a deep one and the Board is very focused on attracting the right individual to take on the role.
“The Board looks forward to honouring Rod’s achievements at an appropriate time in the future and we are pleased that he will continue to lead and deliver for the company during this interim period.”
Mr Vawdrey said, “It has been an honour and a privilege to have led this amazing Australian software company over the last five plus years. After four decades in the technology sector, to be able to use that experience to scale Nuix to become a truly global company, completes my career ambitions.
“It has not been an easy decision to retire, but I believe now is an appropriate time to implement a succession plan to ensure the Company has the right leader to take Nuix into its next phase of growth.”
Not a mention of the succession of problems, earnings and revenue downgrades, questions about the float process and the way option were granted to a former chair, or the investigation by corporate cop, ASIC.
The Nuix board and executives must live in a dreamworld. The value destruction has been ferocious.
