Portfolio administration and managed account technology provider Praemium has announced that Michael Ohanessian will take the chief executive role after founder and current CEO Arthur Naoumidis steps down from his position.


Naomidis, who founded the company in 2001, announced that he will serve the company in a consulting position after he steps down.


"Arthur will maintain a very close relationship as a consultant, working closely with management and will continue to play a major role in development of technology and innovations for which he has a great reputation," said chairman Don Stammer.


Mr Ohanessian as extensive extensive experience executive level experience in the information technology field following a ten-year career at Mobil Oil, Mr Ohanessian joined the Boston Consulting Group where he consulted to clients in industries such as banking, airlines, mining, packaging, sports, oil and gas, retailing and biotechnology.


As CEO, Mr Ohanessian will work closely with the company’s UK team with an eye to expanding Praemium’s presence in the financial services sector in the United Kingdom.