22 August 2017
Find out more

Temenos CEO Dubois out as license revenues plummet

12 July 2012  |  9736 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)

Finextra news in your inbox

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

Related stories

Misys agrees £1.27bn Vista takeover

Misys agrees £1.27bn Vista takeover

19 March 2012  |  9806 views  |  0 comments
Temenos walks away from Misys merger

Temenos walks away from Misys merger

12 March 2012  |  9373 views  |  0 comments
Temenos races to seal deal with Misys as new license sales wane

Temenos races to seal deal with Misys as new license sales wane

22 February 2012  |  8710 views  |  0 comments
Temenos profit warning weakens Misys

Temenos profit warning weakens Misys

15 July 2011  |  11904 views  |  0 comments
Viveo workers win Temenos case

Viveo workers win Temenos case

16 May 2011  |  15294 views  |  0 comments
Temenos gets new CEO; posts FY results

Temenos gets new CEO; posts FY results

17 February 2011  |  11873 views  |  0 comments
Temenos trio jump ship to form new company

Temenos trio jump ship to form new company

01 February 2011  |  15117 views  |  0 comments

Related company news

 

Related company information

Temenos – The Banking Software Company

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.niceactimize.com

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12242 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10771 views comments | 22 tweets | 33 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10114 views 0 | 6 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10012 views comments | 10 tweets | 8 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
9901 views comments | 21 tweets | 34 linkedin