Starting in January 2019, the current Broadridge CEO Rich Daly will become executive chairman of the board and Tim Gokey will move up from president and chief operating officer to CEO.
Broadridge COO Tim Gokey (left) and Broadridge CEO Rich Daly (right) (PRNewsfoto/Broadridge Financial Solutions,)
Financial technology systems and services provider Broadridge Financial Solutions will be getting a new top executive next year according to a succession plan that will see current CEO Rich Daly become executive chairman of the board and that will elevate Tim Gokey, the company’s president and chief operating officer (COO) to CEO.
The Broadridge board of directors has also appointed Les Brun, the chairman of the board, to become the lead independent director, officials say. These moves at the top are slated to take effect Jan. 2, 2019.
“On behalf of the Board, I am pleased to announce that, as part of a long-planned and well-orchestrated succession process, Tim Gokey will become the next Chief Executive Officer of Broadridge,” says Brun, in a prepared statement. “Tim has been instrumental in creating and executing strategies that have driven significant growth for Broadridge over the past eight years, and he is the right person to lead Broadridge into the future.”
Last year, Gokey, 57, became president and oversees all business units, technology operations and operations in India, officials say. He assumed the post of COO in 2012 and previously served as chief corporate development officer for Broadridge’s growth initiatives for the sales and marketing, strategy, and mergers and acquisitions units. “In those roles, he led the sustained development of the governance, capital markets, and wealth management businesses,” officials say.
Before his tenure at Broadridge began in 2010, Gokey was president of the retail tax business at H&R Block, and, prior to that post, he spent 13 years at McKinsey and Co., officials say.
Daly has been CEO and a board director “since Broadridge became an independent public company in 2007,” officials say. He became president in 2014 and served until 2017. Before Broadridge became a public company, Daly was in the role of group president of the Brokerage Services Group of ADP, and as a member of the executive committee and corporate officer of ADP. He joined ADP in 1989 after Broadridge acquired the proxy services business that he founded, officials add.
Rich Daly, outgoing CEO
In a statement, Daly describes Gokey as “one of the most committed and capable leaders in Fintech,” who has “… transformed Broadridge into a leading global Fintech company. He led the turnaround of our GTO business and is the primary architect of the long-term growth strategy we presented last December at our Investor Day.”
Gokey, in his statement, says that “Broadridge’s more than 10,000 associates … will build on our position as a fintech and innovation leader by continuing to invest for the long term in our technology platforms, broaden our product set and deliver network value to our clients.”
Broadridge is also embarking upon cutting-edge IT efforts and won Best Blockchain Initiative of the Year via the FTF News Technology Innovation Awards for 2018.
In fact, Horacio Barakat, vice president of corporate strategy at Broadridge, provided details in a recent FTF News Awards video about what the company has accomplished over the last 18 months in its efforts to take advantage of blockchain and distributed ledger technology (DLT). The vendor has had breakthroughs via a DLT-based proxy solution, a bilateral repo transaction platform and the Broadridge Blockchain Center. Barakat provides even more details via an awards-related Q&A.
Tim Gokey, president & COO
In addition, Michael Alexander, president of wealth and capital markets solutions for Broadridge, won the Ops Business Person of the Year award for 2018. He is also featured in an awards-related video and in a Q&A focused on the Ops trends that Broadridge has taken on.
Broadridge became a public company in 2007 and has grown its solution sets, technology platforms, and global reach, officials say.
During the past 11 years, Broadridge has increased its staff from 4,000 to more than 10,000 associates and doubled its revenues to more than $4.3 billion, officials say. The company has increased its market capitalization from $2.7 billion to $15.9 billion, and has generated annualized total shareholder returns of 21 percent. Broadridge became part of the S&P 500 in June 2018.
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