Enterprise software provider Citrix Systems said its board had named CFO David Henshall to replace Kirill Tatarinov as chief executive officer and lead its transition to a cloud-based subscription model.
Henshall has served as CFO since 2003 when he joined Citrix from Rational Software Corp. In a news release, Citrix said only that the board had reached a “mutual separation decision” with Tatarinov, who was appointed CEO in January 2016.
“David is a proven leader who knows our company inside and out, and the board has the utmost confidence in him,” said Robert Calderoni, executive chairman of the board. “Moving forward, the board believes that accelerating our cloud transformation will position the company for even greater success in the years ahead, driving greater value for our shareholders.”
“We now have the right team in place to execute on that vision,” he added.
After the CEO change was announced late Monday, however, Citrix shares fell nearly 3.8% to $76.91. The stock had ended the regular session up 0.8%.
The company specializes in software that allows company IT staff to more easily manage workplace computers without having to physically inspect each device. As Fortune reports, Tatarinov took over as CEO when Citrix was under pressure from activist investment firm Elliott Management to sell “non-core” parts of its business.
Now Tatarinov’s departure “comes at a time when Citrix is reportedly considering selling itself, not just individual business units,” Fortune said, noting that various news services have reported Citrix was working with Goldman Sachs on a possible sale and that private equity firm Thoma Bravo may be interested in the company.
With Henshall’s appointment, Mark M. Coyle, the senior VP for finance, has been named interim CFO.
“We have a talented team at Citrix, and I am honored to lead Citrix through this new chapter,” Henshall said, adding that the company’s second quarter “demonstrated that the momentum of our cloud transformation is accelerating, resulting in a year-over-year double-digit increase in deferred revenue.”