SMSF administration software provider Class has announced its chief executive, Kevin Bungard, will step down from his role by mutual agreement with the board.
Bungard commenced as chief executive in April 2014 and led Class through its successful listing on the Australian Securities Exchange in December 2015.
He and the board believe the next stage of the company’s growth requires new leadership and the time is right for him to “hand over the reins”.
A search has begun for a new chief executive and will include the evaluation of potential internal successors.
Bungard will step down after a brief transition period and chief financial officer Glenn Day will then become acting chief executive until the new CEO is appointed.
However, Bungard will remain available to consult to the company during the balance of his three months’ notice period.
Having achieved a strong market position in the SMSF administration software sector, Class is now well positioned to expand its reach and to leverage its platform into the broader wealth management industry, the company said.
Bungard said it has been a pleasure to work with talented people and to build Class into the industry leader it is today.
“There are great opportunities ahead for the company and after 10 years at Class, including four as chief executive, the board and I feel it’s the right time to hand over to someone with the skills and experience to lead Class through its next phase of growth,” he said.
Class chairman Matthew Quinn added: “On behalf of the board, I thank Kevin for his hard work and commitment and wish him well for the future.
“Under his leadership, revenue and profits have grown strongly and Class is now a well-established and respected listed company. He should be proud of his achievements.”