Temenos shares slide as CEO ousted

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Brulard has stepped down and been replaced by CFO Takis Spiliopoulos on an interim basis while the search for a permanent successor is underway, says Temenos in a statement.

In a webcast on Thursday, as reported by Reuters, chairman Thibault de Tersant said that the board decided to part with Brulard following a “thorough review of the interactions between Jean-Pierre and his team”.

“We are not aggressively against Jean-Pierre, but we have determined that today there is a need for very clear leadership for Temenos,” said de Tersant.

Former VMWare executive Brulard was named CEO in April 2024 during the fallout from controversial claims made by Hindenburg Research alleging “accounting irregularities, failed products and an illusive turnaround” at Temenos.

In defending the company against the “hearsay” allegations of Hindenburg, activist investor Petrus Advisers nonetheless called for the departure of interim CEO Andreas Andreades, leading to Brulard’s appointment.

Announcing the departure, Temenos has also reconfirmed its guidance for full year 2025 which was raised at the Q2 results in July, and reconfirmed the full year 2028 targets.