Praemium said that a chief executive with a different skillset would better service the company’s leadership needs for the next phase of its growth and development.
Ohanessian joined Praemium as chief executive in August 2011.
In a statement on the Australian Stock Exchange, the company said: “Michael leaves the company in good shape and the board acknowledges his instrumental role in the transformation of Praemium to a profitable global firm.”
Chairman Greg Camm, who joined Praemium in November 2016, will act as executive chairman until Ohanessian’s successor is appointed.
Rebecca Murphy, Praemium’s director of sales and marketing for the UK and international, told International Adviser that the company remains committed to the UK and international markets.
The platform provider reported strong revenue growth of 23% during the six months to the end of December 2016, with EBITDA up by 39% compared with the previous year.
Funds under administration for the year to December 2016 increased by 29%, year-on-year, now standing at A$5.4bn (£3.3bn, $4.1bn, €3.9bn).