#Canada #OpenText #Waterloo #EQB #Chadwick Westlake

Chadwick Westlake's Career Transition

In a significant leadership change, OpenText Corporation (NASDAQ: OTEX) announced today that its Chief Financial Officer, Chadwick Westlake, will resign from his role effective August 15, 2025. This move comes in the wake of the unexpected passing of Andrew Moor, the former CEO of EQB, where Westlake will take on the role of President and Chief Executive Officer. Westlake's decision to leave reflects not only a personal career milestone but also the turbulent transitions that can occur in corporate leadership.

Having served as the Executive Vice President and CFO at OpenText, Westlake's tenure will be remembered for his contributions towards solidifying the company's financial strategies, particularly as they navigate an evolving landscape of information management. Mark J. Barrenechea, the CEO and CTO of OpenText, acknowledged Westlake's impactful work during his time, stating, "We appreciate Chadwick's contributions and congratulate him on his new role." Westlake's departure signifies a new chapter not only for him but also for OpenText, which is now on the lookout for a long-term successor.

OpenText's CFO Search

As Westlake prepares for his new responsibilities, OpenText has engaged a leading executive search firm to assist in finding a suitable successor. The company has also appointed Cosmin Balota, who is currently the Senior Vice President and Chief Accounting Officer, as the interim CFO effective after Westlake's departure. Balota brings over 30 years of experience in finance and accounting to the table, having joined OpenText in 2019 and holding a Chartered Professional Accountant designation in Canada. This appointment of an interim CFO provides OpenText with continuity as they pursue strategic objectives that involve enhancing their financial position and fostering growth.

In a statement reflecting on his time at OpenText, Westlake shared, "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." His transition to EQB marks a pivotal shift, steering the direction of EQB during a challenging time following the loss of its former leader.

Strong Revenue Expectations Ahead

In addition to the leadership changes, OpenText has shared positive preliminary revenue expectations for the fourth quarter of fiscal year 2025, estimating around $1.31 billion. This forecast sets a promising tone for the financial performance leading into the critical end-of-fiscal-year reporting period. The company's full financial results will be disclosed on August 7, 2025, followed by an earnings call where executives will discuss their Q4 performance in detail. Barrenechea commented on the expected revenue saying, "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."

As OpenText prepares for these changes, the company remains focused on its mission as a leader in information management, continually working to address complex challenges faced by organizations globally. The combination of Westlake's departure, new leadership, and solid financial expectations reflects the dynamism that characterizes corporate landscapes today.

Through these transitions, OpenText stands poised for continued success, maintaining a robust financial foundation and an experienced leadership team dedicated to driving growth in an ever-competitive marketplace.