21 August 2017
visit www.avoka.com

Temenos gets new CEO; posts FY results

17 February 2011  |  11872 views  |  0 chip reader  buttons

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.

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

Temenos takes T24 to the cloud with Microsoft Windows Azure

Temenos takes T24 to the cloud with Microsoft Windows Azure

07 February 2011  |  11576 views  |  0 comments
Temenos trio jump ship to form new company

Temenos trio jump ship to form new company

01 February 2011  |  15114 views  |  0 comments
Capgemini acquires Temenos specialist Thesys Technologies

Capgemini acquires Temenos specialist Thesys Technologies

25 November 2010  |  9312 views  |  0 comments
Temenos agrees Odyssey acquisition

Temenos agrees Odyssey acquisition

28 September 2010  |  12205 views  |  0 comments | 1 tweets
Temenos buys m-banking firm FE-Mobile

Temenos buys m-banking firm FE-Mobile

11 May 2010  |  8837 views  |  0 comments
Temenos posts full year operating profit rise

Temenos posts full year operating profit rise

18 February 2010  |  7373 views  |  0 comments
Temenos spends $81m on French core banking outfit Viveo

Temenos spends $81m on French core banking outfit Viveo

06 January 2010  |  15381 views  |  0 comments
Temenos and Microsoft form core banking alliance

Temenos and Microsoft form core banking alliance

10 December 2009  |  9465 views  |  0 comments
Temenos cost-cutting takes bite out of revenue dip

Temenos cost-cutting takes bite out of revenue dip

03 August 2009  |  6217 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.dorsum.euvisit www.vasco.comdownload the paper now

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...
11493 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
9757 views comments | 22 tweets | 31 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9573 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9322 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9235 views comments | 10 tweets | 8 linkedin

Featured job

Find your next job