OpenText Appoints James McGourlay as Interim CEO Amid CEO Transition

OpenText Corporation has announced the appointment of James McGourlay as interim CEO, effective immediately. McGourlay, currently EVP of International Sales, has been with the company for over 25 years and has held various senior roles. The Board of Directors informed Mark J. Barrenechea of his transition from CEO, Chief Technology Officer, and Vice Chairman of the Board, also effective immediately. McGourlay will lead the company until a permanent CEO is appointed.

OpenText Corporation (NASDAQ: OTEX) (TSX: OTEX) has announced the appointment of James McGourlay as Interim Chief Executive Officer (CEO), effective immediately. McGourlay, currently Executive Vice President (EVP) of International Sales, brings over 25 years of experience with the company, having held various senior roles including sales, customer operations, IT, technical support, and special projects. The Board of Directors informed Mark J. Barrenechea of his transition from CEO, Chief Technology Officer, and Vice Chairman of the Board, also effective immediately [1].

McGourlay will lead the company until a permanent CEO is appointed. The Board has established an Executive Committee to support the transition, with P. Thomas Jenkins serving as Executive Chair and Chief Strategy Officer. The committee also includes Paul Duggan, President & Chief Customer Officer, Todd Cione, President, Worldwide Sales, Cosmin Balota, Interim CFO & Chief Accounting Officer, and Michael Acedo, Executive Vice President, Chief Legal Officer and Corporate Secretary. Major-General (Ret.) David Fraser has been appointed as the independent Lead Director of the OpenText Board [1].

OpenText has also announced that it will continue to work with its financial advisors to explore portfolio-shaping opportunities that enhance focus on its core Information Management for AI business and deliver long-term shareholder returns. The company has formed a CEO Search Committee comprising independent directors David Fraser, Bob Hau, Goldy Hyder, and Kristen Ludgate to identify the Company's next CEO and will retain a leading executive search firm to assist with the process [1].

In connection with today's announcement, Savinay Berry has been named Chief Technology Officer (CTO), effective immediately. Berry previously served as Executive Vice President and Chief Product Officer at OpenText [1].

OpenText's Executive Chair and Chief Strategy Officer, P. Thomas Jenkins, stated, "After a thorough review of the business and its performance, and as we look ahead to the Company's future, the Board believes there is an opportunity to enhance shareholder value by growing revenue in our core Information Management for AI business and redeploying capital from the non-core assets" [1].

James McGourlay, Interim CEO, said, "I believe in the opportunities ahead for OpenText and will work diligently in the CEO role on an interim basis. With the Company's Business Optimization Plan well underway, and given our position at the forefront of Information Management for AI, I am confident that we will continue to innovate across these areas and deliver solutions that power our customers' businesses" [1].

References:
[1] https://www.prnewswire.com/news-releases/opentext-announces-leadership-transition-302526354.html