Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced the following appointments:
Keith Stonell has been appointed as Regional Director for Northern Europe (NEU) and Commonwealth of Independent States (CIS), which is one of Temenos' largest and fastest growing regions. Stonell will also be responsible for the integration of the majority of the Financial Objects business, which falls into his regional portfolio.
Stonell brings to Temenos over 20 years of banking software experience, in-depth knowledge of the EMEA region and a proven senior management track record. Prior to Temenos, Stonell worked at Misys where he held a variety of senior positions including Managing Director of EMEA for Treasury and Capital Markets and Managing Director of SE Asia's Banking division.
Costa Christodoulou has been appointed as Group Sales Director. This is a newly created position necessitated by Temenos' rapid growth. Christodoulou's role will mainly focus on the successful roll out of new product initiatives such as TEMENOS ARC and the development of optimal training and support for Temenos' global sales organisation to maximise its effectiveness and performance.
Christodoulou joined Temenos in 2006 as Regional Director for NEU and CIS. In this role, Christodoulou grew revenues by 69% and more than doubled profitability for his region. Christodoulou has 25 years of experience in financial services IT, including several senior executive positions within major software houses including City Networks, ACT Financial Systems, ALLTEL Information Services and Unisys.
Both Christodoulou and Stonell will report to Mark Cullinane, Chief Operating Officer, and will be based in the company's London office.
Andreas Andreades, CEO, Temenos, says: "Our growth and profitability makes this an exciting period for Temenos as we move forward. Strengthening the Temenos organisation has been and remains a top priority for us and I am excited that we are attracting the best talent in our industry. I am fully confident that Costa and Keith will be instrumental in the successful delivery of our business plan.
In the twelve months up to 30 June 2008, its most recent reporting date, Temenos achieved USD161.2 million in licence revenue and USD380.4 million in total revenue, representing increases of 46% and 48% on the previous twelve months, respectively. Temenos continues to enjoy strong growth across all regions thanks to superior products and services and a compelling investment and product roadmap, the outcome of its high R&D investment, which at around 20% of revenues per annum is significantly ahead of peers.
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