OpenText Announces Chadwick Westlake to pursue CEO opportunity in Canadian banking sector
Waterloo, ON – 2025-07-09 –OpenText™ Corporation (NASDAQ: OTEX), (TSX: OTEX) announced today that Chadwick Westlake will step down as EVP, Chief Financial Officer to assume the President & Chief Executive Officer role at his former employer, EQB, following the unexpected passing of its CEO. Mr. Westlake's departure will be effective August 15, 2025, post-completion of OpenText's fiscal year-end reporting.
OpenText has initiated a comprehensive search to identify a long-term successor with the assistance of a leading executive search firm. Following Mr. Westlake's departure in August and until the search is completed, Cosmin Balota, OpenText's SVP, Chief Accounting Officer, will serve as CFO on an interim basis. Mr. Balota has over 30 years of experience, joined OpenText in 2019, and is a Chartered Professional Accountant in Canada and holds a Master of Accounting from the University of Waterloo.
"We appreciate Chadwick's contributions during his time as CFO, and congratulate him on his new role," said Mark J. Barrenechea, OpenText CEO & CTO. "We are pleased to have an incredibly experienced senior Finance Team and to have Cosmin serve in the interim position as we continue to advance our strategic objectives with a strong financial foundation. On behalf of OpenText, I want to express our condolences to the family and colleagues of Andrew Moor, President & CEO of EQB, on his recent unexpected passing."
"It has been a tremendous experience at OpenText. I am proud to have worked with this incredible team at one of the best companies in the world, and I leave knowing OpenText has an extremely bright future ahead," commented Mr. Westlake. "I look forward to completing the fiscal year and transitioning my responsibilities before taking on my next opportunity later in August."
Strong Preliminary Q4 Revenue Expectations
OpenText also announced today strong preliminary fourth quarter fiscal year 2025 revenue expectations of approximately US$1.31 billion. OpenText will release its full financial results for its fourth quarter fiscal year 2025 after the close of market on Thursday, August 7, 2025.
Mark J. Barrenechea (OpenText CEO & CTO), together with Chadwick Westlake (EVP, Chief Financial Officer), Paul Duggan (President, Chief Customer Officer), Todd Cione (President, Worldwide Sales), and Cosmin Balota (SVP, Chief Accounting Officer) will host an earnings call webcast at 8:30 a.m. ET on Friday, August 8, 2025, from the OpenText Investor Relations website.
"We are pleased with our strong Q4 revenue expectations and want to thank our customers for their continued trust. We look forward to discussing our full Q4 results in early August," continued Mr. Barrenechea.
Earnings Call Webcast Details
Date: |
Friday, August 8, 2025 |
Time: |
8:30 a.m. ET |
Length: |
60 minutes |
Webcast: |
Access on OpenText IR website |
About OpenText
OpenText™ is the leading Information Management software and services company in the world. We help organizations solve complex global problems with a comprehensive suite of Business Clouds, Business AI, and Business Technology. For more information about OpenText (NASDAQ/TSX: OTEX), please visit us at www.OpenText.com.
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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies, and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.OpenText.com). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.
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OpenText
publicrelations@opentext.com