The Gentrack Group Limited (ASX: GTK) share price is pushing higher today, following the announcement of the appointment of new CEO Gary Miles.
At the time of writing, the Gentrack share price is trading at $1.47, up 1.03% compared with the All Ordinaries Index (ASX: XAO), which is up 1.51%.
What does Gentrack do?
Gentrack provides specialist software for energy utilities, water companies and airports, mainly in Australia and New Zealand. The company’s platform aims to develop, integrate and support billing and customer management solutions.
What did management say?
Commenting on the new appointment, Gentrack acting chair Fiona Oliver said:
The Board is delighted to welcome Gary to the Gentrack business. He brings a real focus on driving global growth and building a workplace that fosters innovation, diversity and collaboration. His combined software and services experience with cloud technologies will also help to accelerate our transition to SaaS and deliver more value to customers and shareholders.
Incoming CEO Gary Miles added:
The utility industry is entering a new era where regulatory, technology and environmental forces are accelerating the digital transformation of the market. Gentrack has been successful in helping service providers in some of the world’s most dynamic markets and countries. I am excited to work with the Gentrack team to bring great, customer centric technologies to these and other service providers around the world.
Gary Miles’ resume includes extensive experience in technology innovation and cloud capabilities, most notably serving on the leadership team of Amdocs Limited (NASDAQ: DOX) as chief marketing officer. Amdocs is a provider of cloud business software and services in the communications industry.
Miles’ previous roles within the company included division president and CTO leading strategy development. This involved building the company’s product portfolio and sales organisation as well as overseeing its digital services, big data and mobile engagement segments.
Gary Miles is expected to assume the CEO position on 1 October.
How has the Gentrack share price performed?
The Gentrack share price has struggled over the past 12 months. The technology company is 73% lower from its 52-week high of $5.50. However, the Gentrack share price is up 89% since its March low of 77 cents.
Should you invest?
Whilst this is a positive announcement and could be the start of good things to come, I think that there are better opportunities on the market at present. I will be watching Gentrack from the sidelines instead.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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