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Monday, 03 August 2015 04:03

Breaking News: Citrix CEO Mark Templeton to Retire & Other Mounting News Featured

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Citrix CEO Mark Templeton to Retire; Activist Investor Elliott Takes Larger Role with Board Seat

Citrix Systems’ President & CEO Mark Templeton, 62, plans to retire after twenty years of service at the company. Templeton will continue to serve as president and CEO and a director of the company until such time as a successor has been appointed. The company will go through a series of leadership and probable structural changes under pressure from activist investor Elliott Management. 

The Citrix Board has initiated a CEO search process and has retained search firm Heidrick & Struggles to assist with the process of identifying and evaluating candidates.

Templeton has served as President of Citrix since 1998 and CEO since 2001. He joined Citrix in 1995 as Vice President of Marketing, prior to the company’s IPO.

Robert Calderoni, 55, a Citrix director was named executive chairman. Calderoni would also chair a board committee heading the search for a successor to Templeton. He has been a Director of Citrix since June 2014. He served as chairman and CEO of Ariba for 13 years. Prior to his role as CEO at Ariba, Calderoni held senior executive positions at Apple and IBM. He has served as a CFO at several large public companies.

Thomas Bogan, 63, Citrix’s current chairman, will assume the role of lead independent director of the Citrix board. Thomas F. Bogan has served as a director of the Company since January 2003 and he served as Chairman from May 2005. Bogan has served as CEO of Adaptive Insights, a provider of cloud-based performance management solutions since January 2015.

Jesse Cohn, 34, head of activist investments at Elliott, an investment firm whose affiliated funds own approximately 7.5 percent of the company’s common stock, has been appointed to Citrix’s board. The company would add another board member to be mutually agreed upon. Cohn manages the technology investments at Elliott. He has played an integral role in several acquisitions, including the 2010 purchase of the business software firm Novell Corporation, which was valued at $2 billion. Cohn has led more than 30 shareholder campaigns against the likes of Compuware, BMC Software, and lately EMC, becoming one of the most powerful and effective activists in the finance industry.

Cohn will also be part of a new committee at Citrix that will review operations to improve the company's margins, profitability and capital structure. Calderoni will chair the group. Cohn replaces TPG Capital’s Partner Asiff Hirji, 49, on the board, who steps down.

Date: August 3, 2015

Read 2665 times Last modified on Thursday, 10 September 2020 17:47
Dora Vell

Dora Vell is the Managing Partner of Vell Executive Search, a boutique executive search firm in Boston focused on recruiting technology executives and board members. Vell has successfully completed numerous board member and C-level executive searches, including CEOs, COOs, CIOs, and Vice Presidents - at both public and private companies.

Prior to founding the firm in 2005, Vell was a Partner at Heidrick & Struggles' Technology practice for seven years.  Before her career in executive search, she worked at IBM for 11 years, managing software engineering organizations of 100 people and software sales organizations with revenues of $150 million. She has also served as an executive assistant to the CEO of IBM Canada for one year.

Vell holds seven worldwide software patents. She has published several Business of Leadership reports on governance and leadership and has been quoted in numerous articles including The Wall Street Journal, Forbes, Business Week, Fortune, Agenda Week, MSNBC, Mass High Tech, the OPUS for the World Economic Forum, Boston Business Journal, The Globe & Mail, CIO Magazine, and IEEE. She also has been a featured speaker on leadership at numerous conferences and at Columbia University's MBA program.

Vell is a member of the National Association of Corporate Directors (NACD), the Boston CEO Roundtable. She has served on the boards of Framingham State, Entrepreneur's Organization, Goodwill, Mary Centre for developmentally handicapped adults,, and RBC Capital Partners.

She has received an MBA from the University of Toronto, a Master in Computer Science from the University of Waterloo, and a Bachelor in Computer Science from Carleton. She has also completed the MIT Entrepreneurial Master’s program.

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