Ad hoc announcement pursuant to Art. 53 LR
GENEVA, Switzerland – January 16, 2023 – Temenos (SIX: TEMN) today announces a number of leadership changes as the Company prepares for the next phase of growth. After 20 years of service, Max Chuard has decided to step down from his role as CEO and a search to identify a new CEO is under way. The Board of Directors is considering both internal and external candidates and the position is expected to be filled at the latest by the end of 2023. Andreas Andreades, Executive Chairman, will assume duties as acting CEO whilst a new leader is identified and will hand over responsibilities once a new CEO is in place.
In addition, after 24 years with Temenos, and following a two-year succession plan process to hand over Chair responsibilities, Andreas has decided not to stand for re-election as Executive Chairman at the next AGM. The Board of Directors has resolved to propose Thibault de Tersant to be elected Non-Executive Chairman of the Board at the next AGM.
Max Chuard, Chief Executive Officer, Temenos, said:
“I am extremely proud of what Temenos has achieved during my tenure with the company. Throughout my roles, including CFO, COO and finally CEO, I have seen the company grow from strength to strength, and we have made excellent progress against our strategic initiatives and our SaaS transition under my leadership over the last four years. I have made it a priority to establish a strong senior management team during my tenure as CEO, and after more than 20 years with Temenos, this is now the natural time for me to step down to allow the next level of leaders to take the company forward in its next stage of growth.”
Andreas Andreades, Executive Chairman, commented:
“It is time for Temenos to set a course for the future with the next generation of leadership. We thank Max for the leadership, passion and dedication that he has brought to Temenos over the last two decades. He has been integral in developing Temenos into the global technology leader that it is today as evidenced by the number of milestone client wins secured with banks of all sizes and in all banking segments in 2022 and the strong momentum in North America, with top tier and regional banks recognizing the value of our technology proposition.
We have also made great progress on our SaaS transition and have a strong leadership team in place and a deep bench of talent to deliver on our strategy, as we take Temenos to its next phase of growth and innovation.
It is with great confidence that I will hand over Chair responsibilities to Thibault de Tersant at the upcoming AGM. He shares my passion in establishing Temenos as the catalyst to transform the banking software market. Thibault not only has an in-depth knowledge of the software business, but he is also a great supporter of the Temenos values and the importance of our people in achieving our vision. Thibault has helped the Board, the Temenos Executive team and me to achieve exceptional growth over the past few years while he has been a Director of the company. In the meantime, we have lots of hard work in front of us in 2023 to continue to execute our business plan, deliver substantial growth and client success.”
Max Chuard will remain in an advisory capacity to ensure a smooth transition. This transition will ensure continuation of strategy and execution and comes on the back of the Q4 results announcement today, which are in line with the revised guidance. [link].
Thibault de Tersant, Independent and Non-Executive Director, Vice-Chairman, Temenos, said:
“On behalf of the Board I would like to thank Max not only for his service as CEO, but also for his continued dedication and integrity in his former positions as CFO and COO. Over the last four years in particular, Max navigated Temenos through the Covid-19 pandemic, established a substantial and dynamic SaaS business, expanded our presence in the US market, and hired a new generation of leaders for the next phase of growth.
It is an honor to succeed Andreas as Chair of the Temenos Board at the next AGM. Andreas has been the driving force behind taking Temenos from a small private company with less than 150 people to becoming the leading banking platform company, with best-in-class solutions and technology, and one of the largest software companies in Europe. His contribution to this success is undisputed. I am excited to see Temenos execute on its strategic plan as we further expand our presence and leverage the huge SaaS opportunity in the financial services market, including the US.
I would like to thank Andreas for agreeing to help Temenos achieve a seamless transition by taking on the acting CEO role in addition to his current Executive Chairman role. 2023 will be a busy year as we continue to develop and execute our strategy to deliver on our stakeholder commitments, while also identifying the future Temenos CEO.
During my time on the Board, I have learned to appreciate the Temenos culture, and the dedication of all employees to serve the banking market with the best and broadest solution. I will endeavor to protect this spirit and the continued search for excellence.”
Temenos will announce full year 2022 results on 20 February 2023 and host its Capital Markets Day on 21 February 2023 where our Executive Chairman and acting CEO will share the output of our annual strategic review.