Class has announced chief executive Andrew Russell has decided to depart his position on 16 February, the same date the scheme of arrangement for Hub24’s acquisition of the SMSF administration provider will be implemented.
According to Class, Russell and the boards of the two companies agreed that with Class becoming a part of Hub24 following its acquisition, the time was right for him to step down.
Russell has been in the role since May 2019 and will act as an adviser to Hub24 until 31 March, while Hub24 director of strategic development Jason Entwistle has been appointed interim chief executive and managing director of Class, reporting to Hub24 chief executive Andrew Alcock.
Class chairman Matthew Quinn thanked Russell for his work at Class, noting he was a “talented chief executive and a transformational leader”.
“The reimagination strategy has been executed to plan with both accelerated financial and operational results. Andrew has built a talented team and culture and all the Class team should feel proud of their achievements,” Quinn said.
Russell said it had been a privilege to work for a driven organisation, which is expected to grow following Hub24’s acquisition.
“I’m very proud of the value we have delivered to our customers and shareholders and the development of our people. It has been a privilege to lead such a talented and values-driven organisation. Class is well on its way to becoming a world-class technology business and is now well positioned for further growth and development under the Hub24 Group.”
Hub24’s plans to purchase Class, first announced under a scheme of arrangement in October 2021, received approval in the Supreme Court of New South Wales on 4 February 2021, allowing the group to acquire all Class shares.
Class has lodged a copy of the court orders with the Australian Securities and Investments Commission pursuant under the Corporations Act 2001, and new Hub24 shares to be issued under the scheme have been organised to start trading on the Australian Securities Exchange on 8 February on a deferred settlement basis until normal settlement begins on 17 February.