Max 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.

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