Investor Petrus Advisers has known as on Swiss core banking vendor Temenos to fireplace “out of his depth” CEO Max Chuard instantly and for chairman Andreas Andreades to resign.
Continues the letter: “Andreas Andreades ought to resign from Temenos. His position as de facto decision-maker makes it laborious for Temenos to draw and retain world-class administration expertise.”
Temenos has seen its share value halve for the reason that starting of the 12 months. The agency lately reported a fall in third quarter income and deserted its full-year steerage.
Petrus can be calling for a “complete strategic assessment” and for the agency to contemplate sale choices.
In Could, PE corporations EQT and Thoma Bravo have been reportedly exploring potential bids for the Swiss core banking outfit.
Writes Petrus: “With a share value decline of -53% this 12 months and -72% between the height in Could 2019 and the day of the Q3 2022 earnings warning, this uninspired and delusional method of hoping for ‘one thing’ later triggered our determination to jot down to you.
“Now’s your final probability to deliver the ship so as and heading in the right direction.”
Petrus was rapidly backed up by one other minority shareholder, Helvetic Belief.