Koukis steps down as Temenos chief executive

Koukis steps down as Temenos chief executive

Banking systems vendor Temenos has appointed Andreas Andreades as chief executive officer, taking over the reins from 35% shareholder George Koukis who will remain as executive chairman with a focus on strategy and relationships.

The elevation of deputy CEO Andreades to the top spot at Temenos comes as the Swiss-based back office systems firm reports operating profits of $2 million on revenues of $36.6 million for the second quarter. The company, which reported an operating loss of $44.4 million for the year ending December 2002, has reconfirmed guidance for year-end 2003 for revenues of $130 million and a target operating profit of $10 million.

"Andreas has been instrumental in enabling Temenos to grow from revenue of $20 million in 1998 to our present position serving in the positions of CFO and since 2001 as Deputy CEO," says Koukis. "He has also been a significant catalyst for change in the company during the past two challenging years. As the company enters a new phase of growth a new set of skills is required."

For the quarter just gone, the value of Initial Licence Fees (ILF) for new contracts signed amounted to $14 million, 9.4% higher than the $12.8 million target and spurred by growth in Europe, CIS and in the Middle East. ILF signings comprised 72% new licences and 28% upgrade sales to existing clients compared to 75% and 25% for the previous quarter.

In South Africa, Temenos has established a 100% subsidiary following the recent liquidation of local distributor, the Global Technology Banking Division. The operation is expected to be earnings and cashflow positive for 2003.

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