Praemium appoints Acting CEO as technology transformation accelerates
Praemium Limited has announced that Anthony Wamsteker has resigned as CEO and director with immediate effect, with current Chief Commercial Officer Denis Orrock appointed as Acting CEO. The leadership change comes as the company is currently undergoing a major technology platform transformation, making management continuity a key consideration for investors.
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Denis Orrock steps into the acting CEO role
Orrock brings significant industry experience to the role. He joined Praemium in 2022 and holds more than 30 years of experience across the financial services and wealth management platform industries in his current capacity as Chief Commercial Officer.
Key transition and remuneration details include:
- Acting CEO total fixed remuneration (TFR): $765,900, identical to the previous CEO’s TFR
- STI and LTI: Orrock’s target STI opportunity and existing LTI plan participation remain unchanged during the acting period
- Wamsteker notice period: Three months, during which he will be available to assist Orrock as he steps into the role
- CEO search: The Board will run a formal recruitment process with an external search firm, considering both internal and external candidates
What a CEO change means for ASX-listed companies
CEO transitions at ASX-listed companies are classified as market-sensitive events, requiring prompt disclosure to ensure all investors have equal access to material information. For a company like Praemium, which is currently executing a significant platform overhaul, investors should weigh several considerations:
- Leadership continuity: An internal appointment as Acting CEO, rather than an immediate external hire, can signal board confidence that existing management has the capability to maintain strategic momentum through a critical delivery phase.
- Strategic execution risk: Platform transformation projects carry inherent delivery risk. A change in leadership mid-project raises questions about whether priorities, timelines, and client commitments will be maintained without disruption.
- Market confidence: How a board structures a CEO transition, including compensation continuity and a structured search process, provides signals about organisational stability and governance discipline.
Platform transformation remains the strategic focus
Praemium Chairman Matthew Quinn provided context on the company’s current position and near-term priorities:
Matthew Quinn, Chairman
“Praemium is at an exciting and pivotal point. We are currently transforming our technology platform and over the next year we will progressively roll out the new platform to our clients. This will include a suite of new functionality and product enhancements designed to improve client user experience and enhance their productivity. Denis and the management team are focused on delivering this project efficiently and cost effectively and building revenue from both existing and new clients via their adoption of the Company’s new and enhanced products.”
The new technology platform is also expected to deliver efficiency and productivity gains for the Company with associated reductions in the cost base.
Praemium FY2026 results show the platform transformation already generating measurable financial momentum, with total FUA hitting a record $77.9b and underlying EBITDA rising 14.5% to $32.1m as technology synergies from OneVue and Technotia begin flowing through to the cost base.
Quinn’s statement identifies three strategic pillars the Board expects management to deliver: the progressive rollout of the new technology platform to clients over the next year; new functionality and product enhancements intended to improve client user experience and productivity; and efficiency gains expected to produce reductions in the company’s cost base.
The Board’s decision to engage an external search firm while considering both internal and external candidates reflects a deliberate, structured approach to the permanent appointment. In the near term, the management team’s stated priority is delivering the platform project efficiently and cost-effectively while building revenue from existing and new clients.
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