Temenos (banking software) collapses in Zurich, CEO fired with immediate effect

(Il Sole 24 Ore Radiocor) - A new earthquake at the top shakes the Swiss financial world. Temenos N , a company specialising in software for banks, has announced that ceo Jean-Pierre Brulard is "leaving the post with immediate effect" and is being replaced on an interim basis by cfo Takis Spiliopoulos.

Brulard's abrupt and totally unexpected exit from the scene comes just days after the firing of Laurent Freixe, the now ex-CEO of Nestlé, who was thrown out for an undeclared romantic relationship with a group employee. Brulard had been in office for 16 months. Temenos chairman Thibault de Tersant explained during a webcast that after 'a thorough review of the interactions between Jean-Pierre and his team', the board of directors deemed it preferable for Brulard to leave the group. "We determined that today there is a very clear need for leadership for Temenos," de Tersant added. The chairman remained vague on the reasons that led the board to 'part ways' with Brulard, merely indicating that it was not an aggressive separation. 'It was the right time for a change of leadership. The objective was to maintain operational momentum while ensuring stability. Temenos is a solid company with a clear strategy, a solid portfolio and a competent team,' de Tersant emphasised.

Analysts at Zurich Cantonal Bank comment that Brulard's exit comes as a real surprise. "Although this decision should have no impact on consensus estimates, it considerably increases uncertainty on the investment thesis," they point out in a note. During the webcast with the financial community, Spiliopoulos, who will hold the position until a new CEO is appointed, confirmed the group's annual targets and mid-term estimates to 2028, emphasising that Temenos' operational and financial performance is in line with expectations.