Temenos parts ways with CEO Brulard, shares fall

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By Rhea Rose Abraham and Marleen Kaesebier

(Reuters) -Swiss banking software group Temenos has parted ways with chief executive Jean-Pierre Brulard with immediate effect, the company said late on Thursday, sending its shares down around 14% on Friday.

After what Chairman Thibault de Tersant called “a thorough review of the interactions between Jean-Pierre and his team”, de Tersant said the board decided it was best to let Brulard go.

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

Zuercher Kantonalbank analysts said the dismissal of Brulard after 16 months in office came as a complete surprise.

“Although these personnel decisions should not have any impact on the consensus estimates, they do significantly increase the uncertainty for the investment case,” they said in a note.

Takis Spiliopoulos, the company’s finance chief, will step in as interim CEO while the search for a permanent successor is underway, the company added.

Spiliopoulos confirmed the company’s full year guidance and 2028 targets on the call, saying Temenos’ operational and financial performance remains on track.

Shares of Temenos were down 13.7% to CHF 61 at 0714 GMT, on track for their worst day in over a year.

(Reporting by Rhea Rose Abraham in Bengaluru and Marleen Kaesebier in Gdansk; Editing by Alan Barona and Matt Scuffham)