NICE appoints former SAP exec Scott Russell as new CEO
NICE appoints former SAP exec Scott Russell as new CEO
NICE also reported a 14% increase in second-quarter revenues, reaching $664.4 million. The company's quarterly operating profit increased by 22% to $128.8 million, and net profit surged by 33% to $115.8 million.
Scott Russell, a former executive at SAP, has been appointed CEO of NICE. He will assume the role on January 1, 2025, succeeding Barak Eilam, who will retire at the end of the year. Russell will manage NICE from the company's offices in New Jersey.
Elam, who has served as CEO of NICE for over a decade, announced his intention to retire in May. He has worked with the company in various roles for the past 25 years.
According to the company's announcement, Russell has spent more than 25 years in the enterprise software sector. For the last 14 years, Scott was at SAP, most recently as a member of the Executive Board of the Company and Global Chief Revenue Officer. He also served as Chairman of SAP North America and Chairman of multiple business units of the SAP portfolio, and previously served on Qualtrics’ Board of Directors. Prior to his roles at SAP, Scott worked at IBM and PWC.
Simultaneous with the announcement of its new CEO, NICE reported a 14% increase in second-quarter revenues, reaching $664.4 million. Revenue from cloud operations grew at a higher rate of 26%, totaling $482 million.
Following this revenue growth, the company's quarterly operating profit increased by 22% to $128.8 million, and net profit surged by 33% to $115.8 million.
In light of its strong second-quarter performance, NICE has raised its annual forecast. The software company, which specializes in managing customer service centers, now expects an annual growth rate of 15%, projecting revenues of approximately $2.7 billion.
“I am honored to take on the role of CEO at such an exciting time for NICE,” said Russell. “We have an incredible opportunity ahead of us as NICE continues to lead the digital and AI transformation and provides a unique platform for growth in the coming years. I am highly impressed by the culture of the company, the innovative product portfolio, and its strong global presence and leadership position. I look forward to working with the talented team at NICE to continue to build on the heritage and success NICE has had over the last decade and lead the company into its next phase of growth.”
"It has been a privilege and a pleasure to lead NICE over the past 10 years.” said Barak Eilam CEO of NICE. “Alongside our 8,500 dedicated NICErs, we have significantly scaled the company, establishing it as the leader in all its respective markets. Over the past decade, our outstanding leadership team has driven accelerated growth, achieved remarkable profitability, and built a robust recurring revenue stream resulting in tremendous value creation. With such a strong foundation, NICE is well-positioned for a leadership transition, and I am confident it will continue to thrive under Scott’s leadership. I will continue to lead NICE through the end of 2024 and support the transition during the early part of 2025.”
