Shares of Temenos experienced a decline of approximately 14% on Friday following the immediate departure of CEO Jean-Pierre Brulard.
In a statement, Temenos announced that Brulard has been succeeded on an interim basis by CFO Takis Spiliopoulos, as the company initiates a search for a permanent successor. During a recent webcast, chairman Thibault de Tersant explained that the board’s decision to part ways with Brulard stemmed from a comprehensive evaluation of his interactions with the team.
“We are not opposed to Jean-Pierre personally, but we have concluded that the current situation requires defined leadership for Temenos,” stated de Tersant.
Brulard, previously an executive at VMware, took on the role of CEO in April 2024 amidst the fallout from serious allegations made by Hindenburg Research, which cited “accounting irregularities, failed products, and an elusive turnaround” at the firm. Despite refuting Hindenburg’s claims as mere “hearsay,” activist investor Petrus Advisers had called for the removal of interim CEO Andreas Andreades, leading to Brulard’s appointment.
In light of these recent developments, Temenos reaffirmed its guidance for the full year 2025, which had been previously adjusted upward in July, and also reiterated targets for the full year 2028.