The Waterloo, Ont.-headquartered software firm named James McGourlay, previously executive vice-president of international sales as interim CEO, to replace Mark Barrenechea. OpenText also said it is working with advisors on “portfolio-shaping opportunities” so it can focus on its core business of “information management for AI.” (The Logic)

Talking point: The leadership shuffle comes a few days after OpenText reported its fiscal year-end earnings; the firm made US$436 million in net income on US$5.17 billion in revenue, down 6.3 per cent and three per cent, respectively, after accounting for the sale of its mainframe-modernization unit. Barrenechea became CEO in January 2012, changing the firm’s business model from selling one-off software licenses to recurring cloud contracts. He also led a series of major acquisitions, including a US$6-billion deal in August 2022 for Micro Focus. Now, the board has suggested it’s considering unloading assets to focus on selling AI tools—a technology Barrenechea told The Logic last year was a small part of OpenText’s business, but could grow significantly.