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Investing.com -- Shares of Temenos Group AG (SIX:TEMN) dropped to 12% on Friday after the Swiss banking software maker announced the immediate departure of chief executive officer Jean-Pierre Brulard.
The company said chief financial officer Takis Spiliopoulos will serve as interim CEO while a search is conducted for a permanent replacement.
Temenos confirmed its 2025 and 2028 financial guidance and said current performance remains in line with expectations.
Chairman Thibault de Tersant said the board asked Brulard to leave, citing a need for long-term leadership stability and deeper expertise in core banking software. Brulard joined Temenos in May 2024 after a 16-month search for a new chief executive.
During his tenure, the company reported mixed results, with weaker-than-expected revenue growth in some quarters but stronger earnings before interest and taxes.
In the second quarter of 2025, Temenos posted stronger revenue and profit, leading to an upgrade in its full-year guidance.
The leadership change follows that performance and raises questions about how long it may take to appoint a new chief executive. The previous search for Brulard lasted more than a year.
“We think the unexpected shift in leadership will be a negative for investors,” said analysts at Morgan Stanley in a note.