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    Raiz Invest (ASX:RZI) announces a board change

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    Raiz Invest (ASX:RZI) has just announced a change to its board.

    The Board is saddened to announce that George Lucas, current Managing Director and Joint Group CEO, will be leaving the organisation, effective from 31 December 2022.

    The Board wishes to acknowledge Mr Lucas' work since 2014 at the Raiz Group, for his initiative in establishing Riz and leading the company through significant growth and expansion, now operating with over $1 billion in assets currently under management, and over 1.5m investment accounts.

    Shares of Raiz Invest have risen 8.000% following the announcement.

    Any change in the make-up of a company?s board can have an impact on a company?s stock price.

    Generally, age-related turnovers and voluntary resignations have a marginal impact on the share price.

    However, when either the Chairman or another board member is ousted, this can have a significant impact on the stock price.

    As the role of the board is to endorse the strategy of the business, changes to the board can have an impact on the strategic direction of the company and therefore it?s future profitability.

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