Misys CEO to leave after Temenos merger
Wednesday 08 February 2012
Misys has reached an agreement in principle to merge with its Swiss rival, Temenos, in a deal that will create one of the world's largest financial software businesses.
The all-share deal would see the departure of Misys CEO Mike Lawrie, whose £2m bonus payout last year was condemned as "wholly excessive" by some shareholders.
The CEO of the new combined group will be the Temonos boss Guy Dubois. Mr Lawrie told the Misys board that he would be "pursuing a new opportunity". Mr Lawrie's five year bonus package was controversial because it was dependent on the Misys share price, which was boosted by anticipated takeover activity.
A joint statement by the two firms last night said that Temenos' presence in banking, wealth management and business-intelligence software would complement Misys' strength in core and transaction banking, treasury capital markets and lending. New regulatory requirements on banks are expected to result in an increase in their demand for software services.
The companies said that Misys shareholders would own about 54 per cent of the new group.
Analysts have suggested that the there could be a counter bid.
Simon Calder looks at communities fighting back against the poachers
Arsenal 1 Everton 1: Substitute equalises with six minutes to go
booksGeese, gorillas, grandads... and growing up
- 1 Hundreds arrested as Canadian police smash worldwide paedophile ring
- 2 Sherlock series 3: Benedict Cumberbatch and Martin Freeman provide teasers for the biggest comeback in British television
- 3 The man who made Femen: New film outs Victor Svyatski as the mastermind behind the protest group and its breast-baring stunts
- 4 Mass murder in the Middle East is funded by our friends the Saudis
- 5 Japan cracks down on leaks after scandal of Fukushima nuclear power plant
- < Previous
- Next >
iJobs Money & Business
£25000 - £50000 per annum + Benefits + Bonus: Harrington Starr: C++ Server Dev...
£300 - £350 per day: Harrington Starr: Leading Electronic Trading Software Ven...
£80000 - £100000 per annum + benefits + bonus: Harrington Starr: Project Manag...
£50000 - £60000 per annum + benefits + bonus: Harrington Starr: Business Analy...