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Wealth management software provider boss retires

The managing director and chief executive of wealth management software provider GBST is set to retire, with handover to a new boss expected in 2016.

Stephen Lake has been with GBST since 2001, and as part of the company's succession plan he will be fully involved in the selection of a successor and handing over his responsibilities.

Mr Lake will leave the company in 2016 when the handover to the new CEO is completed.

The board has appointed a leading international executive search firm and will be reviewing a list of internal and external candidates, both in Australia and internationally.

GBST chairman John Puttick said Mr Lake has served the firm with great distinction, driving the company's performance and strong growth in shareholder value.

"Stephen has made an enormous contribution both through his strategy, which has enabled GBST to become an international company, and securing some of the world's top banking institutions and financial services companies as long-term clients," Mr Puttick said. "He now believes that the time is right to transition to a new senior executive to lead the company's further global expansion, and we wish him well for the future.

"He leaves the business in great shape after 14 very successful years. In the 10 years since GBST's ASX listing, its market capitalisation has grown from $44 million to more than $300 million and revenue has increased five-fold from $22 million to $114 million. We now have 600 people in Australia, Asia, Europe and the United States, and in 2015 international revenue exceeded Australian revenue for the first time.


"On behalf of the board and our employees, I would like to acknowledge Stephen's outstanding leadership and the excellent platform he has provided for growth. His passion and dedication have taken GBST from a private single product software business to one of the leading providers of securities transaction and wealth administration software for the financial services industry and an ASX 300 company."

Mr Lake was appointed managing director and chief executive officer of GBST in 2001, and he helped drive the transition to a public company when GBST floated in 2005.