Scott Russell, a former SAP employee, was named the next CEO of Israeli cloud-based software company Nice on Thursday. Barak Eilam, who will leave the company at the end of the year after ten years in the role, will be replaced.

Russell, who will start his new position on January 1, 2025, has been a member of the executive board and chief revenue officer of the German software company for the past 14 years.

His office will be in Nice's Hoboken, New Jersey, location.

Eilam, who has worked at Nice for a total of twenty-five years, declared in May that he would be leaving at the end of the year, though he will stay on as a consultant for strategy until the first half of 2025.

The CEO's statement and Nice's surprise second-quarter net profit increase came at the same time. Excluding one-time adjustments, diluted earnings per share increased to $2.64 from $2.13 in the prior year. Revenue increased to $664.4 million, a 14% increase.

Based on $663.5 million in revenue, Nice was predicted to earn an adjusted $2.58 per share, according to LSEG statistics.

It maintained its projection for 2024 sales of between $2.715 and $2.735 billion, up 15% at the range of the median, and raised its normalized 2024 EPS prediction to between $10.60 and $10.80, up 22% from 2023 — from $10.53 to $10.73.

Analysts forecast revenue of $2.73 billion and EPS ex-items at $10.63.

Nice shares increased 7.2% in Tel Aviv afternoon trading, bringing their 2024 total losses closer to 9%.

Under Eilam, the business tripled revenue (cloud revenue went from almost nonexistent to $1.6 billion) and earnings per share, positioning it as a major participant in the enterprise software market for AI and cloud computing.