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by John Revill
ZURICH (Reuters) – Temenos announced on Monday the departure of its chief executive Max Chuard, who was under pressure from activist shareholders, and the search for a successor to the latter after a further drop in its quarterly results.
On the Zurich Stock Exchange, the Temenos share, which has lost half of its value over the past 12 months, jumped 6.39% to 60.56 francs against a gain of 0.12% for the Stoxx 600 towards 10:00 GMT.
Max Chuard, head of the banking software publisher since 2019, was notably challenged by the activist fund Petrus Advisers, who welcomed his departure.
Petrus Advisers considers, however, that the appointment of the chairman of the board of directors Andreas Andreades as interim CEO is not satisfactory, the British investor having in the past also called for the latter’s departure.
“The leadership transition as proposed by Temenos does not meet our demands,” Petrus wrote in a statement.
“Andreades is still in power: with the proposed joint position of interim CEO and Chairman of the Board of Directors until the general meeting of shareholders and until a new CEO is found, Andreades ( …) will have an even more powerful role to play in the months to come”, continues the British investor.
Temenos reported a 27% decline in fourth-quarter operating profit and an adjusted Ebit (earnings before interest and tax) margin of 34% from 44% a year earlier.
The group’s results for the full year came out in line with the latest expectations. Temenos had backed out of its initial full-year guidance in the prior quarter after a sharp drop in third-quarter profit that translated into a 900 million franc drop in its market capitalization in October.
(Report John Revill; French version Claude Chendjou, edited by Blandine Hénault)
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