Praemium CEO to step down
Deloitte has been appointed to undertake a strategic review of the international business
Deloitte has been appointed to undertake a strategic review of the international business
The Royal Commission has shaken consumer confidence in Australia’s wealth market to its core. For Michael Ohanessian, chief executive of Aussie platform Praemium, the key question is: “So, how did we get here?”
Amid sharp declines in equity markets, Australian investment platform Praemium reported its third highest gross inflows on record and saw funds under administration rise 5.2% to A$7.8bn (£4.25bn, $6bn, €4.9bn) during the first quarter of 2018.
Strong growth both in Australia and internationally pushed funds under administration at Praemium up 28% to A$6.1bn (£3.6bn, $4.7bn, €4bn) in spite of the boardroom turmoil that saw the company’s chief executive sacked and then return a few months later.
Following his shock dismissal as Praemium chief executive, Michael Ohanessian launched a successful fightback that saw him not only win back his job but also oust the board that sacked him. Here he talks exclusively to International Adviser about what happened and his plans for the future.
The new board of Australia-headquartered platform Praemium has issued a robust rejection of the way newly reappointed chief executive Michael Ohanessian was ousted by the previous directors, after conducting a “comprehensive review of events”.
Michael Ohanessian has been reappointed chief executive of Australia-based platform provider Praemium following a shareholder vote to remove the chairman and three directors last week.
Michael Ohanessian, the former chief executive of Praemium, has successfully ousted the company’s chairman and three directors who sacked him in February 2017.
Platform provider Praemium reported record international inflows of A$184m (£113m, $138m, €130m) in the first three months of 2017, despite an ongoing power struggle between the company’s board and its ousted chief executive.
Ousted Praemium chief executive Michael Ohanessian’s “aggressive” relationship with the board and his unwillingness to “make necessary changes in his behaviour” are why shareholders should vote against his reinstatement, chairman Greg Camm has said.
Australia-based platform provider Praemium will hold a shareholder meeting at the request of recently sacked chief executive Michael Ohanessian after he launched a bid to oust chairman Greg Camm and three directors.
Former Praemium chief executive Michael Ohanessian has requested the company hold a general meeting in a bid to oust chairman Greg Camm and three directors.