Dive Temporary:
- Swiss banking software program agency Temenos’ CEO, Max Chuard, is stepping down, the corporate stated Sunday. Government Chairman Andreas Andreades will take over as interim CEO.
- The corporate stated it expects to discover a successor by the tip of the yr, and is contemplating each inside and exterior candidates.
- Chuard’s departure follows a drop in fourth-quarter earnings on the software program agency, and comes amid strain from activist buyers who claimed Chuard was “far out of his depth,” in accordance with Reuters.
Dive Perception:
Temenos, which pre-announced its fourth-quarter earnings Monday, stated working revenue had fallen by 27% from the earlier yr.
Chuard, who has led the corporate since 2019, stated in a press release Monday the previous yr had been “troublesome … with macro uncertainty impacting gross sales cycles within the second half of the yr.”
Regardless of the challenges, Chuard stated Temenos had robust signings throughout subscription and time period licenses with demand throughout shopper tiers.
“We took decisive motion early in This fall to strengthen our gross sales management and gross sales execution and this resulted in normalized execution of deal closures within the quarter,” he stated.
In a press release Sunday, nevertheless, Chuard stated now could be the pure time to step right down to make manner for brand spanking new management, after greater than 20 years with the Geneva-based agency.
“I’m extraordinarily happy with what Temenos has achieved throughout my tenure with the corporate,” he stated. “All through my roles, together with CFO, COO and at last CEO, I’ve seen the corporate develop from power to power, and we’ve got made wonderful progress in opposition to our strategic initiatives and our [software-a-a-service] transition below my management over the past 4 years.”
Petrus Advisers, an activist investor agency, which holds a stake of lower than 3% in Temenos, has been vocal in its dissatisfaction with Chuard’s management.
The agency welcomed Chuard’s determination to step down, however stated the corporate’s management transition didn’t go far sufficient with Andreades taking up as interim CEO, in accordance with Reuters.
Petrus stated Andreades shouldn’t be concerned within the seek for a brand new CEO, and stated Temenos’ upcoming investor day ought to be postponed, relatively than be held below an interim government.