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WATERLOO, ON - OpenText™ (NASDAQ: OTEX), a global leader in information management software and services with impressive gross profit margins of 76% and annual revenue of $5.4 billion, announced the appointment of Chadwick Westlake as its new Executive Vice President and Chief Financial Officer, effective March 5, 2025. Westlake will take over from Madhu Ranganathan, who has served the company for seven years. According to InvestingPro, the company maintains strong financial health metrics despite trading near its 52-week low.
Bringing a wealth of experience from his previous tenure as CFO of EQB Inc., Westlake has a track record in corporate strategy, financial management, and strategic process improvement. His career also includes over 18 years at Scotiabank (TSX:BNS), culminating in a role where he spearheaded a significant cost transformation program.
Mark J. Barrenechea, OpenText CEO & CTO, expressed confidence in Westlake’s ability to drive growth and scale for the company, citing his proven track record in profitable growth and shareholder value creation. Westlake, who will be based in Richmond Hill, Ontario, shared his enthusiasm for joining OpenText at a pivotal time and emphasized his commitment to driving efficiencies and increasing shareholder returns.
The company took the opportunity to thank Ranganathan for her service and contributions, wishing her well in future endeavors. OpenText, known for its suite of Business Clouds, Business AI, and Technology, remains focused on solving complex global problems and delivering exceptional customer experiences.
This leadership transition aligns with OpenText’s strategic objectives of total revenue growth, competitive advantage, margin and free cash flow expansion, and delivering upper quartile capital returns. This news is based on a press release statement from OpenText.
In other recent news, OpenText announced the appointment of Savinay Berry as Executive Vice President & Chief Product Officer. Berry, who previously worked at Vonage, will focus on product innovation and growth in areas like content management and digital experience. In a separate move, Muhi Majzoub has transitioned to the role of EVP, Security Products, emphasizing OpenText’s focus on cybersecurity. Additionally, OpenText has added Fletcher Previn, a Senior Vice President & Chief Information Officer at Cisco (NASDAQ:CSCO), to its board of directors. This appointment is part of OpenText’s strategy to enhance its board with diverse skill sets to align with its growth objectives. Meanwhile, UBS initiated coverage on OpenText with a Neutral rating, citing concerns about the company’s revenue growth prospects despite customer satisfaction with its products. UBS noted that OpenText’s current valuation appears reasonable but not compelling, given its projected organic growth. These developments reflect OpenText’s ongoing efforts to strengthen its leadership and strategic direction.
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