Temenos chief leaves as sales fall 37% Temenos shares lost more than 20 per cent of their value on Thursday after the Swiss banking software company announced the departure of its chief executive following a sharp fall in sales. Temenos's strategy has been left in disarray amid the banking crisis and following a failed attempt to merge with rival Misys earlier this year. Guy Dubois, who took the helm just over a year ago, is stepping down for personal reasons and will be replaced by David Arnott, the former chief financial officer, the company said. Andreas Andreadis, chairman and former chief executive, will take a more hands-on executive chairman role at the company. The management reshuffle was seen as a reaction to a worsening financial situation at the company, which has seen many of its banking customers become reluctant to spend money on their IT systems. Temenos revealed that licence revenues fell 37 per cent year on year in the second quarter to the end of June, following a 16 per cent decline in the first quarter. The company said full-year revenues will at most grow 1 per cent from last year's $473.47m, but could fall as much as 5 per cent. Earlier this year Temenos had predicted growth of up to 6 per cent. "As the Q2 licence revenues illustrate, the company is still facing difficult near-term market conditions," Mr Arnott said. Shares in Temenos were down more than 22 per cent at SFr11 in afternoon trade, getting close to their 2008 low of SFr8.4. Temenos had proposed an all-share merger of Misys earlier this year but found little support from shareholders, and Misys eventually accepted a higher offer from US-based Vista Equity Partners.