Australia's PEXA shares jump on naming Grab's Russell Cohen as new CEO

Australia's PEXA Group (ASX:PXA ) shares hit a one-month high on Tuesday after the digital property exchange platform provider appointed Russell Cohen as its new chief executive officer (CEO), effective March end, 2025.

The market welcomed the news, with investors showing confidence in Cohen’s extensive leadership experience and proven track record of scaling technology platforms in Asia Pacific.

PEXA shares climbed nearly 10% to A$13.49, their highest level since November 19.

Cohen, currently the Group Managing Director of Operations at Grab Holdings (NASDAQ:GRAB ), has spearheaded growth initiatives across seven countries, driving market expansion for the tech giant, PEXA said in a statement.

His leadership was pivotal in key corporate milestones, including Grab’s acquisition of Uber’s Southeast Asia business. With over two decades of experience in technology and strategy, Cohen brings a wealth of expertise to PEXA as it seeks to expand its global presence in the digital property settlement space, the company said.

Outgoing CEO Glenn King has led the company since 2019, successfully guided PEXA through its 2021 ASX listing, and oversaw its international expansion, including the establishment of a foothold in the UK market.

PEXA chief financial officer Scott Butterworth will assume the role of acting group MD and CEO for March.

Source: Investing.com