Temenos CEO Max Chuard Steps Down Amid Activist Shareholder Pressure
Swiss banking software giant Temenos has announced a significant change in leadership. Max Chuard, who has led the company for over four years, is stepping down as CEO. Petrus Advisers, a shareholder activist investment company, has been critical of Chuard's leadership qualities and welcomed his departure. The company also revealed a 27% drop in operating profit for the fourth quarter, which preceded Chuard's exit.
Petrus Advisers had suggested that Temenos' upcoming investor day should be postponed, given the recent developments. Following Chuard's departure, Executive Chairman Andreas Andreades will take over as interim CEO. However, Petrus Advisers has criticized this interim appointment, calling for increased accountability and strategic changes in the company's leadership styles to enhance shareholder value.
Chuard led Temenos through a transition to software-as-a-service during his tenure. Activist investors had pressured him to step down, claiming he was 'far out of his depth'. Temenos expects to find a successor by the end of the year, considering both internal and external candidates.
Temenos' future leadership is now in transition. The company faces the task of appointing a new CEO while also addressing the concerns of activist shareholders. The impact of Chuard's departure and the 27% drop in operating profit on Temenos' long-term strategy remains to be seen.
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