30 March 2015

Temenos CEO Dubois out as license revenues plummet

12 July 2012  |  8491 views  |  0 graph 2

Shares in Temenos plunged 20% in morning trading on news that the Swiss core banking vendor's CEO is quitting after just a year into the job for "personal reasons" while second quarter license revenue is down more than a third.

With banks still reluctant to spend in the face of global economic uncertainty, Temenos says it expects license revenues to be just $24 million, down 37% on the second quarter of 2011.

The poor numbers, which follow a similarly disappointing Q1, as well as "prevailing market conditions" have forced a tightening of revenue outlook range for the year. In 2012, the company now expects revenue growth of between minus five per cent and plus one per cent. The adjusted Ebit margin is unchanged at between 19% and 22%.

Guy Dubois, who joined the vendor from mobile communications firm Mach Group last July, is quitting for "personal reasons" effective immediately. Having taken up the role in tough market conditions, Dubois failed to halt the slide, while his big bid to boost the business through the acquisition of Misys fell apart as the British firm opted for rival suitor Vista Equity Partners.

Long-standing CFO David Arnott takes over, with Max Chuard filling his boots and ex-CEO and current chairman, Andreas Andreades becoming executive chairman.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

19 March, 2012
12 March, 2012
22 February, 2012
15 July, 2011
16 May, 2011
17 February, 2011
01 February, 2011

Related company news


Related company information

Temenos – The Banking Software Company

Who is commenting?

Top topics

Most viewed Most shared
Banking has reached a digital tipping poin...
10060 views comments | 54 tweets | 30 linkedin
Europe sets the pace as fintech investment...
5625 views comments | 29 tweets | 20 linkedin
Google preps Gmail bill payment feature
4772 views comments | 14 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
4565 views comments | 10 tweets | 11 linkedin
Future Money Focus: Mariano Belinky, Santa...
4406 views comments | 7 tweets | 10 linkedin

Featured job

Competitive Package
London, UK

Find your next job