Search by ticker code:
Generic filters

Nuix (ASX:NXL) share price rises 7% on CEO appointment

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

Source: Rask Media NXL share price
Source: Rask Media NXL share price chart

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”.

Featured: SaaS and software metrics explained

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.

FREE & NEW: Our Complete Passive Income Strategy

With interest rates UP, now is one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% -- or more -- in dividend passive income from the best shares, LICs, or ETFs... it's like free money credited to your bank account.

So how do the best investors do it?

Whether you have $2,000 or $2,000,000, our Chief Investment Analyst Owen Rask has just released his brand new ASX Passive Income Report. Featuring the best dividend ETFs, LICs, funds and shares, this report cannot be missed by anyone wanting passive income in 2022 and 2023.

You can INSTANTLY access Owen's report -- or get it emailed to you -- for FREE by CLICKING HERE NOW or the button below.

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, Lachlan does not have a financial or commercial interest in any of the companies or funds mentioned.