Open Text Falls 4% As CEO Departs

(RTTNews) - Open Text Corporation (OTEX) shares fell 4.44 percent to $28.83 on Wednesdsay after the company announced that EVP and CFO Chadwick Westlake will step down effective August 15, 2025, to become CEO of EQB following the unexpected passing of its former leader.

The stock opened at $29.84 and traded between $28.80 and $30.10, with volume reaching 2.7 million shares compared to an average of 2.1 million. OpenText now trades near the lower end of its 52-week range of $27.54 to $45.47.

Cosmin Balota, the company's SVP and Chief Accounting Officer, will assume interim CFO responsibilities while a formal search for a permanent replacement is underway.

Despite the leadership transition, OpenText reported strong preliminary fourth-quarter revenue expectations of approximately $1.31 billion. Full financial results will be released after market close on August 7.