The Swiss software company’s new co-chiefs have almost entirely replaced their top management, including a former consultant in a key role.
Martin Greweldinger and Thomas Beck took over as co-CEOs of Zurich-based Avaloq nine weeks ago – and save for finance chief Dean Gluyas, are starting afresh with a totally new team.
Operating chief Pascal Foehn, markets head Paco Hauser, and service delivery head Michael Pahlke are no longer part of the C-suite. CEO Juerg Hunziker elected to step down in favor of a senior adviser to clients job, as finews.com reported in March. A spokesman for Avaloq confirmed that Foehn and Pahlke have exited, and said Hauser remains an adviser.
Consulting Hire
Under Greweldinger and Beck – the product boss and long-standing technology chief, respectively – Thomas Widmer (pictured below) replaced Foehn as COO last month. Foehn told finews.com he had elected to leave Avaloq after 11 years, six of which in top management, in order to pursue opportunities outside the company.
Widmer, his replacement, was formerly a partner at consulting firm BCG, where co-CEO Greweldinger was a principal until Avaloq poached him in 2018.
Hauser and Pahlke weren’t directly replaced. Instead, the co-CEOs elected to elevate its chief architect, Martin Buechi, into top management, along with a sales and client success chief (Barry Frame) and a new head of business process as a service (Uwe Krakau).
Rare Female Executive
For major clients like Apobank, which migrated to an Avaloq platform last year, the firm named a chief project delivery officer (Tobias Marbler). It also promoted its chief lawyer, Hubert Gmuender, to top management.
For the first time since 2018, Avaloq also has female representation in the top ranks, in human resources chief Christina Huebschen. It had been entirely male following the exit of European chief Tecla Solari three years ago.
Eventful Sale Process
The 36-year-old firm completed its $2.3 billion sale to NEC in December, capping an eventful three years with private equity partner Warburg Pincus – and making many stalwarts who had held shares wealthy in the process.
Founder and Chairman Francisco Fernandez still sits on Avaloq’s board but has turned to other interests, as finews.com reported in March. His strategy chief, David Crnjac, left in March and co-founded FiveT, an infrastructure fund focused on clean hydrogen.
Japan-Led Board
NEC took over the board, now chaired by its top executive Masakazu Yamashina. The Japanese firm also added four other directors – Tomoki Kubo, Tomonori Hira, Daichi Iwata, and Asako Aoyama, who is the only female director.
Besides Fernandez, Peter Schoepfer is the lone Avaloq veteran who remains on the board. Fernandez founded Avaloq together with Ronald Straessler after splitting off from BZ Bank via a partial, then a full management buyout.
