Temenos gets new CEO; posts FY results
17 February 2011 | 11872 views | 0
Temenos has nabbed Guy Dubois from mobile communications firm Mach Group to take over as CEO, replacing Andreas Andreades who moves upstairs as chairman. News of the shake-up comes as the Swiss core banking vendor posts mixed full year results.
Dubois will take up his new role on 1 July, subject to shareholder approval, after gaining the unanimous backing from Temenos's board, beating off competition from over 30 candidates.
Andreades vacates the role he has held since 2003 to take on the position of chairman, replacing the company's colourful founder George Koukis, who will become a non-executive director.
Since 2009, Dubois has served as president and CEO of Mach Group, a Luxembourg-based provider of hub-based mobile communications exchange technology. He has also held senior roles at Amdocs, Cramer Systems and PeopleSoft.
Says Andreades: "I am delighted to welcome Guy to the team, who I firmly believe has the right skills sets, experience and fit with the Temenos culture to take the company to the next level."
Meanwhile, the company has posted full year revenues of $448 million, a like-for-like rise of seven per cent and slightly below its target. Including acquisitions - Viveo and Odyssey - revenue was up 21% up on 2009. Like-for-like licence revenue was up 19% and maintenance 10% but services - where the vendor has been laying off staff in a bid to halt spiralling costs - saw an eight per cent fall.
Operating profit was $73.7 million, down from $80.2 million in 2009 with profit of $61.4 million, compared to $68.5 million the previous year. Adjusted earnings per share are up 20% at $1.47.
For 2011, the vendor expects revenue growth of 22-26% and like-for-like licence revenue growth of 15-20%.
"The prospects for 2011 are very exciting. We believe spending on modern, externally developed core systems will continue to grow as banks worldwide become more convinced that the appropriate technological platform is a pre-requisite for sustainable growth and vendors are able to demonstrate more conclusively that this is indeed the case," says Andreades.