Following the resignations of the CEO and Chairman, activist Temenos shareholders have extracted another concession from the company. The annual general meeting will now take place much earlier than originally planned.
The shareholders' meeting of banking software maker Temenos is now scheduled to take place in Geneva on May 3, more than a month earlier than originally planned on June 7, according to information on its website.
News agency «AWP» first reported the date change, which Temenos did not actively communicate itself.
Activist shareholders Petrus Advisers have been clamoring for change for months, demanding the replacement of the CEO and Chairman of the Board. The investment company acquired a stake of less than three percent in Temenos in October and is receiving support from Helvetic Trust.
CEO and Chairman Step Down
After Temenos presented a series of disappointing figures in recent quarters, its share price plummeted significantly. According to media reports, a takeover bid last February by investors including EQT, the Swedish private markets firm controlled by the Wallenberg family, had failed because of Temenos management's asking price.
With the preliminary annual figures published in mid-January, CEO Max Chuard, who held leading positions at the company for 20 years, announced his resignation. Andreas Andreades, Chairman of the Board of Directors, took over operational management on an interim basis but announced that he will not stand for re-election at the Annual General Meeting. With the postponement, his departure will take place about a month earlier and he will be succeeded by current Vice Chairman Thibault de Tersant.
Temenos reported a four percent drop in revenue to $277.9 million for the fourth quarter of 2022, with operating profit dropping by more than a quarter to $93.9 million. Full numbers are due to be released on February 20 to be followed by an investor day in London on the 21st.
