OpenText CFO to step down for CEO role at former employer

WATERLOO - OpenText Corporation (NASDAQ:OTEX) (TSX:OTEX), a technology company maintaining strong financial health according to InvestingPro metrics, announced Wednesday that Chief Financial Officer Chadwick Westlake will leave the company to become President and CEO at his former employer, EQB, following the unexpected death of its CEO.

Westlake’s departure will be effective August 15, 2025, after OpenText completes its fiscal year-end reporting. The information management software company has initiated a search for a permanent successor with assistance from an executive search firm.

Cosmin Balota, OpenText’s SVP and Chief Accounting Officer, will serve as interim CFO. Balota, who joined the company in 2019, has over 30 years of experience and holds a Master of Accounting from the University of Waterloo.

"We appreciate Chadwick’s contributions during his time as CFO, and congratulate him on his new role," said Mark J. Barrenechea, OpenText CEO & CTO.

In the same announcement, OpenText reported preliminary fourth quarter fiscal year 2025 revenue expectations of approximately $1.31 billion. The company plans to release complete financial results on August 7, 2025, followed by an earnings call on August 8.

"We are pleased with our strong Q4 revenue expectations and want to thank our customers for their continued trust," Barrenechea added.

The announcement comes as OpenText continues to position itself in the information management software market. The preliminary revenue figure represents the company’s performance ahead of its full earnings disclosure next month.

This article is based on information from a company press release.

In other recent news, OpenText Corporation has appointed Kristen Ludgate to its board of directors. Ludgate brings a wealth of experience from her previous roles, most notably as Chief People Officer at HP Inc., where she led workforce transformation initiatives and talent management strategies. Before her tenure at HP, she spent over 15 years at 3M Company, ultimately serving as Executive Vice President and Chief Human Resources Officer. Her diverse background includes leadership positions in legal, compliance, human resources, and communications. OpenText’s board refreshment initiative has added five new directors over the past five years, aiming to enhance the board’s diverse skill set. Ludgate’s expertise in executive compensation is expected to strengthen the board’s compensation governance standards. She also holds a bachelor’s degree from Bowdoin College and a J.D. from the University of Minnesota Law School. Additionally, Ludgate serves on the Board of Directors of Associated Bank, participating in their Compensation and Benefits and Corporate Governance committees.

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