Temenos reported Q1 sales of $229.9 million, which was below consensus projections. Software license revenue came in at $84 million.

According to the business, several consumers postponed transactions while Hindenburg's accusations were investigated by a third party. The charges were determined to be "inaccurate and misleading" when the examination was finished.

US-based activist investor Hindenburg claimed to have "accounting irregularities, failed products, and an illusory turnaround" when he shorted Temenos stocks in February.

The claims were supported by a study that Hindenburg carried out with 25 former Temenos executives in February. The tech company's stock price then fell by 25% on the day the report was released.

Under the direction of executive chairman Thibault de Tersant, a special committee established by the Temenos board carried out the independent investigation in response. Temenos shares rose 20% following the release of the report's conclusions last week.

Interim CEO Andreas Andreades comments on the first quarter's performance, saying: "We encountered a difficult sales climate, with several clients deferring decisions while the independent review was underway. Now that the investigation's findings have been made public, both current and potential clients have expressed their satisfaction with us."

After 25 years with Temenos, of which 11 were spent as executive chairman and the final year as acting CEO following the departure of the outgoing Max Chuard in January 2023 due to investor pressure, Andreades is now retiring.

After 14 years at the industry leader in cloud computing, VMware, Brulard joins as EVP of global sales. He left after Broadcom bought the company the previous year.

"I'm thrilled to have been chosen as CEO to guide Temenos through its next stage of expansion. The financial services sector is undergoing a major technological revolution, and Temenos is well-positioned to collaborate with clients to spearhead this strategic shift because to the depth and caliber of its offerings, according to Brulard.