Share page with AddThis

News

Temenos CEO steps down

CEO, TemenosMax Chuard, the man who has served as chief executive of Swiss fintech Temenos for 20 years, has stepped aside in the face of shareholder pressure.

A search for a replacement is underway. In the interim, executive chairman Andreas Andreades will serve as acting chief executive until someone is appointed.

Chuard came under attack from UK asset manager Petrus Advisors back in November. The shareholder activist called for the removal of the firm’s senior management, stating that Chuard was “far out of his depth in a CEO role and should be terminated with immediate effect”.

Petrus was later joined by other minority shareholder, Swiss firm Helvetic Trust.

Andreades was also criticised by the Petrus and Helevetic but will remain in place in the interim but has stated that he will not stand for re-election as executive chairman at the next AGM.

Trouble for Temenos started after the firm posted its Q3 results and a profit warning. In its preliminary Q4 results, the company reported an EBIT of $93.9 million, a 27% decrease on the same period in the previous year.

“It is time for Temenos to set a course for the future with a next generation of leadership,” said Andreades.

© 2022 fundsTech

Most read features

Roundtable: The digital transformation opportunity

The funds industry is looking at adopting new types of technology, from automation to ESG reporting, blockchain and tokenisation. A FundsTech roundtable in March explored how these will revolutionise the sector.

Tokenisation: The incredible potential of tokenisation

Tokenisation offers a new generation of investors access to a wide range of asset classes. But a lack of analysts is one reason why the market may not be ready for the possibilities, finds Nicholas Pratt.

Regulation: Panel calls for simplicity in ESG reporting

The industry accepts the need for more rigour in ESG fund reporting, but the work will be pointless if investors don’t understand the end result. Nicholas Pratt reports.

Cryptocurrencies: Crypto funds face long wait for regulatory approval

While crypto currencies forge onwards, access for investors who prefer to invest through regulated vehicles remains muted. A wait-and-see stance by regulators lies at the centre of this, finds Nicholas Pratt.

Managing the impact of ESG reporting

A rise in ESG reporting requirements is impacting asset managers in every conceivable way. The solution, discovers Nicholas Pratt, is to use all of this newly found data to form a closer relationship with the next generation of investors.

Sponsored Profiles

The importance of trust when building successful client-vendor teams

Petra Roche and Anna Kanior-FlorekFundTech speaks to Metrosoft’s Petra Roche and Anna Kanior-Florek about cross-organisational relationships and why mutual trust...

The digitally connected Global Transfer Agent

Anand Ramachandran, Vice President, Global Head of Solutions, Richard Clarkson, Head of Solutions, Funds and Swapnil Joshi, Senior Strategy Manager from Oracle Financial Services Global...

Data consolidation takes centre stage in asset management M&A

MergersConsolidation between asset management firms is overwhelmingly expected to increase. Operational challenges remain thanks to legacy systems. But in a recent...

Are you being microserved?

As asset managers grapple with new digital technology, FundsTech talks to Calastone’s Adam Belding about the importance of software architecture and the benefits...