Praemium CEO resigns

Praemium founder and CEO Arthur Naoumidis has resigned with immediate effect.

He is replaced by Michael Ohanessian, recently chief executive at Genetic Technologies Limited.

Naoumidis, also director of the company, will be retained as a consultant to assist his successor, the group said in a statement on the Australian stock exchange.

His decision to stand down comes after a strategic review of opportunities in both Australia and the UK.

"Praemium is poised at the threshold of a period of rapid growth with strong positions now in place in Australia, the UK and internationally (based in Jersey) offering services to growth markets," said Naoumidis.

"I believe it is time to pass the baton on for the next phase in Praemium's development and growth and, as I remain the largest shareholder of Praemium, I look forward to participating in the benefits of the growth that lies ahead."

Naoumidis founded Praemium in 2001 and the company listed in 2006.