OpenText Announces Leadership Transition

Core Points - OpenText Corporation has appointed James McGourlay as Interim Chief Executive Officer, effective immediately, following the transition of Mark J. Barrenechea from his roles as CEO, Chief Technology Officer, and Vice Chairman of the Board [1][2] - The Board of Directors has established an Executive Committee to support the leadership transition, with P. Thomas Jenkins serving as Executive Chair and Chief Strategy Officer [3] - OpenText will continue to explore portfolio-shaping opportunities to enhance focus on its core Information Management for AI business, aiming to deliver long-term shareholder returns [4][5] Leadership Changes - James McGourlay has been with OpenText for over 25 years, holding various senior roles, and is expected to lead the company during this transition [1][7][8] - Savinay Berry has been appointed as Chief Technology Officer, transitioning from his previous role as Executive Vice President and Chief Product Officer [5][11] - The Board has formed a CEO Search Committee to identify the next CEO, retaining a leading executive search firm for assistance [6] Strategic Focus - The Board believes there is an opportunity to enhance shareholder value by growing revenue in the core Information Management for AI business and redeploying capital from non-core assets [5] - The company is committed to advancing its strategy and innovation in Information Management for AI, with ongoing efforts in its Business Optimization Plan [5][9]