The CEO of cloud computing provider
Citrix Systems, Inc. (Citrix) Mark Templeton, is to leave the company. Established in 1989, Citrix is valued at around $3.15 billion and provides a range of cloud computing solutions including desktop virtualization, networking, and software-as-a-service. The company has headquarters in Fort Lauderdale, Florida, USA. Mr. Templeton's departure is the latest in a number of executive departures from the company. He will though remain with the company until his successor has been appointed.
As Mr. Templeton leaves the company, his seat on the board has been given to Elliott Management (Elliott). Elliott Management Corporation is the management affiliate of US hedge fund company Elliott Associates L.P. and Elliott International Limited. Elliott owns around 7.5% of Citrix stock and news the company was joining Citrix's board saw the company's shares rise 3.7%.
Jesse Cohn, Elliot's Senior Portfolio Manager and Head of US Equity Activism, will sit on the company's board. Mr. Cohn is an academic and recognized as an 'activist investor'. He is the author of "Anarchism and the Crisis of Representation". He replaces Asiff Hirji who has stepped down from the board. Another "independent board member" acceptable to Citrix and Elliott will also be found. Citrix's new "Operations Committee" will look into how to improve the company's profitability after a number of years of poor financial results.
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