Citrix Systems Parts Ways With CEO -- Update
July 10 2017 - 6:29PM
Dow Jones News
By Ezequiel Minaya
Software company Citrix Systems Inc. said Monday that Chief
Executive Kirill Tatarinov has stepped down effective immediately
following a "mutual separation decision."
The board of the Fort Lauderdale, Fla.-based Citrix said in a
news release it named David Henshall, the company's chief financial
and operating officer, as its new CEO.
Mr. Henshall has been finance chief since September 2011 and
chief operating officer since February 2014. He had a previous
temporary stint as interim CEO between October 2013 and February
2014.
"Moving forward, the board believes that accelerating our cloud
transformation will position the company for even greater success
in the years ahead, driving greater value for our shareholders,"
said Robert Calderoni, executive chairman of Citrix's board. "We
now have the right team in place to execute on that vision."
Citrix didn't immediately return a call seeking comment.
Mr. Tatarinov joined Citrix in January 2016 from Microsoft,
where he was an executive vice president
In connection with the move, company executive Mark Coyle has
been named interim finance chief while a search for a permanent CFO
is launched.
Citrix also on Monday backed its previously issued guidance for
its quarter ended June 30. Revenue in its fiscal second quarter is
expected to be between $685 million and $695 million with adjusted
per-share earnings between 97 cents and $1. Analysts for Thomson
Reuters expect adjusted earnings of 99 cents on $690.9 million in
revenue.
Shares of Citrix, which has reportedly explored selling itself
to private-equity firms under pressure from activist investors,
fell 1.2% after hours to $79.
In 2015, Citrix gave Elliot Management Corp. executive Jesse
Cohn a board seat and placed him on a newly formed committee to
focus on improving Citrix's profitability. In exchange, Elliott
agreed to "standstill" restrictions that remain in place until the
board fails to renominate Mr. Cohn as a director or he resigns.
Elliott had urged Citrix to slim down by selling assets and cutting
costs.
Citrix makes workplace software that allows employees to work
from their own desktops or mobile devices off a centralized data
center, which is known as virtualization.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
July 10, 2017 18:14 ET (22:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Citrix Systems (NASDAQ:CTXS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Citrix Systems (NASDAQ:CTXS)
Historical Stock Chart
From Apr 2023 to Apr 2024