Class has commenced a search for the new chief executive, which will include the evaluation of potential internal successors.

Mr Bungard will step down after a brief transition period, and chief financial officer Glenn Day will then take on the role of acting chief executive until the new chief executive is appointed. Mr Bungard will remain available to consult to the company during the balance of his three months’ notice period.

Class chair Matthew Quinn thanked Mr Bungard for his his hard work and commitment as chief executive.

“Under his leadership, revenue and profits have grown strongly and Class is now a well-established and respected listed company. He should be proud of his achievements," said Mr Quinn.

Mr Bungard said it had been a pleasure working at Class and that there were great opportunities ahead for the company. 

“After 10 years at Class, including four as chief executive, the board and I feel it’s the right time to hand over to someone with the skills and experience to lead Class through its next phase of growth,” said Mr Bungard.