The Nuix Ltd (ASX: NXL) share price has popped today after the embattled software company announced two key executive appointments.
At the time of writing, the Nuix share price is up 7.41% to $3.19.
NXL share price
Out with the old, in with the new
Jonathan Rubinsztein has been announced as Chief Executive Officer (CEO) and will begin work in January 2022.
In the meantime, he is available as a consultant to undertake a smooth transition with current CEO Rod Vawdrey.
Rubinsztein is the former CEO of Infomedia Limited (ASX: IFM), having recently stepped down to take on the Nuix position.
Infomedia is a Software-as-a-Service (Saas) provider of parts, service, e-commerce and data insights across the global automotive industry.
Since beginning with Infomedia in 2016, the share price has almost tripled under his leadership.
“The Board was especially impressed with Jonathan’s strategic thinking, global viewpoint, tremendous energy and commitment to culture and staying true to Nuix’s organisational mission”.
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Interim CFO becomes permanent
In addition to a new CEO, interim Chief Financial Officer (CFO) Chad Barton has accepted his position on a permanent basis.
“Chad has been an outstanding addition to the Nuix team, and we are delighted to have him join in this permanent role”.
Previously, Barton was CFO at casino operator Star Entertainment Group Ltd (ASX: SGR).
Under his watch, the Star share price increased 70% over a 5-year period.
What next for the Nuix share price?
It’s been a turbulent ride for Nuix shareholders. But it looks like the business is finally starting to turn a corner.
The company has a new number one and number two. Both look like a safe set of hands and hopefully can turn the company’s culture around.
Additionally, the company previously announced the addition of two non-executive directors to its ranks.
Positively for shareholders, comments made by Rubinsztein demonstrate beneath the external turmoil lies a decent quality business:
“There are few Australian-born technology companies that have achieved the kind of global leadership that Nuix has in its target markets. Certainly, it has faced some challenges in its early life as a listed entity, yet the potential and promise of the business remains enormous”.
The new CEO will have a license to clear out all the cobwebs from the Nuix closet. Therefore, I’d expect another poor result coming up.
However, I’m quietly optimistic that Nuix will be able to live up to its much-hyped potential.
