Citrix Systems Inc., makers of well-known workplace virtualization software GoToMeeting and GoToWebinar, has announced the engagement of an executive search firm to find a new CEO. The company's previous CEO, Mark Templeton, is planning to retire as soon as his replacement is found, according to Bloomberg Business.
This shake-up has been long in the making, as one of Citrix's major investors has been calling for organizational change in the company for months. "Activist investor" Elliott Management Corp. wrote an open letter to the Citrix leadership on June 11, calling for several initiatives that would help streamline its organizational structure and boost share value. These included a share buyback, better management recruiting and an evaluation of two of the company's units for sale.
As part of the agreement, Citrix has agreed to add Elliott employee Jesse Cohn to its board of directors, replacing incumbent board member Asiff Hirji. It has also agreed to search for a new board member to replace another one of the current directors.
The board is also undergoing several other important changes, with Citrix director Robert Calderoni taking on the executive chairman position and current chairman Thomas Bogan becoming the lead independent director.
A new operations committee has also been formed, "which will work closely with the company's management team on a comprehensive operational review focusing on improving Citrix's margins, profitability and capital structure," according to Citrix.
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