He will remain as CEO until 28th February. The Board of Directors have a robust succession plan in place for all Executive Committee and senior management roles. They are pleased to announce that Max Chuard, CFO and COO, will be appointed CEO effective from 1st March 2019 in a managed transition to ensure continuation of strategy and execution.

Max Chuard has been with Temenos for 17 years and has had wide-ranging responsibilities including Strategy, M&A, Finance, and was appointed as CFO in 2012. He took on additional client-facing responsibilities in 2015 when he also appointed as COO and he has been integral in client relationship management, sales and delivery as well as the planning and successful execution of Temenos' strategy. The Board is confident he is best placed to continue the execution of this winning strategy as Temenos enters its next phase of growth.

The Board of Directors are also pleased to announce the appointment of Panagiotis "Takis" Spiliopoulos as CFO. Mr. Spiliopoulos was previously Head of Research and a member of the Investment Bank management board for Vontobel, a leading Swiss bank. He brings a unique and extensive skill set to the role across strategy, finance, operations and management, as well as deep technology sector expertise, which will be key to driving Temenos' growth. Having followed the company since IPO, Mr. Spiliopoulos is a strong cultural fit for the business. He will join Temenos from 31st March 2019.

Commenting on the announcement, Temenos Executive Chairman of the Board Andreas Andreades said:

"We are very grateful for the leadership and dynamism that David has brought to Temenos over the last 18 years. He has been integral in taking the company from strength to strength and building Temenos into a global leader. We wish him all the best as he steps down to spend more time with his young family.

I hired David myself 18 years ago and Max 17 years ago. Everything we have achieved with Temenos over the past 17 years we did together. I know David has been thinking about his position since he started his new family several months ago which brings me to today's announcement.

On behalf of the Board of Directors, I am pleased to announce the appointment of Max Chuard as CEO, effective from 1st March. Max has extensive knowledge and understanding of the business and has been key to our success over the past 17 years. We are fortunate to have such a deep bench of talent to draw on, and I am confident Max will continue the successful execution of our strategy and drive the growth in our business as we enter this new phase.

We are also pleased to announce that Panagiotis "Takis" Spiliopoulos will be joining us as CFO. He brings a depth of strategic vision and understanding of Temenos and the technology space that will be critical as we extend our leadership position. I have been very privileged to work with David and Max and look forward to working with the new management team to continue delivering success for all our stakeholders."

David Arnott said:

"After discussions with my family and after 18 years with Temenos, I have decided now is the best time for me to step down to spend more time with my family and our new baby. I am very proud of what Temenos has become over my time with the company, having achieved so many major milestones. I want to say thank you to all of our employees, clients, partners, shareholders and other stakeholders for the support they have given me."

Max Chuard said:

"I am honored and hugely excited to become CEO of Temenos. We have a very significant opportunity in front of us and I am confident we can continue executing our highly successful strategy to drive Temenos in this next phase of growth."

Panagiotis "Takis" Spiliopoulos said:

"I am delighted to be joining Temenos as CFO. I have followed the company closely since its IPO in 2001 and have always believed in its strategy and potential. I am very excited to have the opportunity to contribute to and help shape the company. I look forward to meeting and working with all our stakeholders over the coming years to achieve our strategic vision."

Temenos has further strengthened its Executive Committee by appointing Jean-Michel Hilsenkopf to the role of Chief Operating Officer. Mr. Hilsenkopf was a founding member of Temenos and has previously held the role of regional director for Europe, Middle East and Africa, and more recently served on the Executive Committee as Chief Revenue Officer, with all regions reporting to him.

In addition, Alexa Guenoun has joined the Executive Committee as Chief Client Officer. Ms. Guenoun has been with Temenos for 12 years, and has held numerous roles including head of French-speaking territories, and Client Director with responsibility for all aspects of client delivery.

Commenting on the announcement, Max Chuard, CEO of Temenos from 1st March, said:

“We have significant breadth and depth of talent in the business, which is key to our succession planning. Today we are announcing the strengthening of our Executive Committee, with the appointment of Jean-Michel Hilsenkopf to the COO position and Alexa Guenoun joining the Executive Committee as Chief Client Officer.

With the announcement of our new CFO, Panagiotis “Takis” Spiliopoulos, who will be joining the business shortly, we have a very strong team in place. Takis brings a unique skill set across technology, finance, operations and strategy. He has followed the business since IPO and has always believed in our strategy and potential and is a strong cultural fit for the organization. I am confident we will be able to build on the fantastic performance over the last few years and continue successfully executing our strategic plan, delivering significant shareholder value as we enter our next phase of growth.”