Administration, Business News

Class appoints new CEO

SMSF administration software provider Class has announced the appointment of REA Group executive Andrew Russell as its new managing director and chief executive.

The appointment comes after Kevin Bungard stepped down as Class chief executive in October last year.

Russell is an experienced senior executive with expertise in developing corporate strategy, sales leadership and market entry.

In his role as financial services executive general manager at REA Group, he developed the business case and launched REA’s new financial services business in 2016. By the 2018 financial year, the new business had achieved revenue of $29 million and earnings before interest, tax, depreciation and amortisation of $11 million.

Before joining REA, he was general manager and interim CEO of Mortgage Choice, where he led the launch of the firm’s wealth management and financial planning businesses.

Class chairman Matthew Quinn said: “We’re very pleased to welcome Andrew as our new CEO. He brings a wealth of knowledge and practical experience in financial services, technology and product innovation.

“Andrew’s priorities on commencement will be to improve our market leadership in the SMSF administration sector and broaden our scope to become a leading SaaS (software-as-a-service) platform provider in the financial services space.”

Commenting on his appointment, Russell said: “I am excited to be joining Class and look forward to working with the board to create significant value for our shareholders.

“Class has a great foundation and I see enormous potential to increase our market share and generate additional revenue from our core business, and to develop new income streams.”

Russell will start his new role at Class in early May.

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