Temenos posted Q1 revenue of $229.9 million, with software licensing revenue of $84 million, both missing consensus estimates.

The company says that some clients delayed deals while an independent review into Hindenburg's claims was carried out. The now completed review found the accusations were "inaccurate and misleading".

In February US-based activist investor Hindenburg shorted Temenos stocks alleging "accounting irregularities, failed products and an illusive turnaround".

The allegations were based on a report Hindenburg conducted in February involving 25 former Temenos executives. The tech company's share price subsequently dropped by 25% on the day of the report's publication.

The responding independent probe was conducted by a special committee formed by the Temenos board and led by executive chairman Thibault de Tersant. Released last week, the report's findings sent Temenos shares up 20%.

Commenting on the Q1 results, interim CEO Andreas Andreades says: "We faced a challenging sales environment, with some clients delaying decisions whilst the independent investigation was ongoing. With the results of the investigation now published, we are receiving positive feedback from our clients, both existing and prospective."

Andreades is now retiring after 25 years at Temenos, including 11 years as executive chairman and the last year as interim CEO after previous incumbent Max Chuard departed in January 2023 under pressure from investors.

Brulard joins after 14 years at cloud computing giant VMWare as EVP, worldwide sales. He left when the firm was acquired by Broadcom last year.

"I am excited to be appointed as CEO to lead the next phase of growth for Temenos. The financial services industry is going through a period of significant technological transformation and with the quality and breadth of solutions, Temenos is perfectly positioned to work with clients to lead this strategic change," says Brulard.