13 Feb

Temenos gets new CEO

Temenos gets new CEO

Temenos will get a new CEO at the end of the month as David Arnott is “stepping down to spend more time with his new family and baby”. Chief financial officer and chief operating officer (COO) Max Chuard has been appointed as CEO to succeed him. Arnott spent 18 years at Temenos – and according to the firm this new development is “part of a managed transition to ensure continuity of strategy and execution”.

Panagiotis “Takis” Spiliopoulos will join as chief financial officer effective 31 March 2019. Jean-Michel Hilsenkopf will take the COO position and Alexa Guenoun is joining the executive committee as chief client officer.

Chuard comments: “We have significant breadth and depth of talent in the business, which is key to our succession planning.” Along with these personnel changes, the banking software company has reported its fourth quarter and full year 2018 results. It all seems healthy enough. Its non-IFRS total software licensing revenues were up 15% in Q4 2018, and up 21% for the full year 2018. Temenos explains that tier 1 and 2 banks contributed 66% of total software licensing in Q4 and 53% in FY 2018.

Total revenue was also good – with non-IFRS growth of 12% in Q4 and 14% in FY 2018. On top of all that non-IFRS EBIT was up 15% in Q4 2018, while for the FY 2018 there was a non-IFRS EBIT margin of 31.5%. In Temenos’ view this performance was due to a “broad based demand across geographies and tiers”. In addition, because of “digital and regulatory pressures” and the “move to open banking are driving market growth”.

The firm points to two deals in the US – one a “top tier US bank for visionary front office replacement” and PayPal for loan management in the cloud. There’s no space to list them all, but Temenos says it got 28 new customer wins in the quarter, and a total of 76 in FY 2018.

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