Latest news with #Dye&Durham
Yahoo
6 days ago
- Business
- Yahoo
Dye & Durham shakes up C-suite with new picks, ignores former CEO's demands
By Svea Herbst-Bayliss and Kritika Lamba (Reuters) -Dye & Durham on Monday announced a dramatic shift in leadership when it named a new chief executive and a new chief financial officer, ignoring demands from a former chief who is also a large investor to pursue a different course. The Canadian legal software maker appointed former LexisNexis executive George Tsivin as chief executive and brought back Avjit Kamboj to reprise his role as chief financial officer. It also hired Nikesh Patel as chief product officer. "After an in-depth and diligent search, we have assembled a world-class leadership team to guide the company through its next chapter," board chair Arnaud Ajdler said in a statement. Kamboj, who left Dye & Durham in 2022, guided the company's financial strategy during its initial public offering and significant growth stages. The announcement comes two weeks after a former Dye & Durham CEO, Matthew Proud, urged the company to stop searching for a new chief and permanently hand the job to the man doing it already in an interim capacity. More importantly, Proud, whose company Plantro Ltd controls 12% of Dye & Durham, urged a board refresh and is pushing the company to divest the financial services division and then begin work on selling the remaining core business. He also said he is ready to call a special shareholder meeting unless the board considers the changes he is proposing. He stepped down from the CEO position six months ago. Dye & Durham's financial performance has worsened, Proud said on Monday, as earnings have dropped against a backdrop of higher costs and flat revenue. The company has not publicly responded to Proud's criticisms. The company last month reported third quarter fiscal 2025 earnings and its stock price tumbled 50% in the last six months, valuing the company at roughly $490 million. The stock price fell nearly 2% in early trading on Monday. At December's annual meeting, activist investor Engine Capital, run by Ajdler, won control of the board through a proxy fight. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
6 days ago
- Business
- Cision Canada
Dye & Durham announces executive leadership appointments including new CEO George Tsivin and CFO Avjit Kamboj
TORONTO, June 2, 2025 /CNW/ - Dye & Durham Limited (TSX: DND) announced today that, following a comprehensive search process focused on recruiting a transformational leader with a track-record of driving value creation, George Tsivin has been appointed Chief Executive Officer. The company also named Avjit Kamboj Chief Financial Officer, and Nikesh Patel Chief Product Officer. Most recently at LexisNexis, George led a collection of legal software businesses with more than C$550M of revenue, spanning 20 products, and serving thousands of customers. Under his leadership, George revitalized the trajectory of his businesses, resulting in meaningful organic growth and improved profitability. George also oversaw strategy both globally and for the North American region at LexisNexis, including oversight of Lexis AI initiatives. Prior to LexisNexis, George drove a strategically vital business division at Nielsen, steering it through major industry disruption while laying the groundwork for next-generation solutions in the advertising landscape. Similarly, as a consultant at McKinsey & Company, he guided Fortune 500 clients through complex transformations involving organizational change, portfolio rationalization, and large internal investments. George earned a Doctor of Law (JD) degree from Harvard Law School as well as a Bachelor's degree from Princeton University. "I am excited to be joining Dye & Durham at this pivotal juncture of the company's development, and to work with the Board, Avjit, Nikesh, and the existing leadership team as we chart a new path," said George. "In the coming months, we will be laser-focused on strengthening our business offerings and refining our strategy to deliver greater value for our customers." Dye & Durham is also pleased to announce that Avjit Kamboj is re-joining its executive leadership team as Chief Financial Officer. Avjit is an accomplished finance veteran with almost 20 years of leadership experience spanning capital markets, value creation, strategic acquisitions and divestitures, and international operations. Previously as CFO of Dye & Durham, Avjit guided the company's financial strategy during its initial public offering and significant growth stages. Most recently, he was Chief Financial Officer at Converge Technology Solutions (TSX: CTS), where he led a transformation of the business that ultimately culminated in its acquisition by H.I.G. Capital. Also joining George and Avjit is Nikesh Patel as CPO, who brings extensive experience building product development environments. Most recently at Nielsen, Nikesh spearheaded a transformative overhaul of Nielsen's digital measurement business during a time of profound industry change, accelerating topline growth while repositioning product strategy and architecture for the Streaming era and evolving privacy regulations. As head of Nielsen's Attribution business, he integrated a complex mix of acquired and legacy products into a cohesive suite, streamlining fragmented product stacks and user experiences, boosting development velocity, and significantly improving operating margins. "After an in-depth and diligent search, we have assembled a world-class leadership team to guide the company through its next chapter. George's appointment marks a defining moment for Dye & Durham. He is a results-driven leader with global experience accelerating growth and transforming underperforming software assets into high-impact, market-leading business units, while demonstrating a customer-first approach." said Board Chair Arnaud Ajdler. About Dye & Durham Limited Dye & Durham Limited provides premier practice management solutions empowering legal professionals every day, delivers vital data insights to support critical corporate transactions and enables the essential payments infrastructure trusted by government and financial institutions. The company has operations in Canada, the United Kingdom, Ireland, Australia, and South Africa. Additional information can be found at Forward-Looking Statements This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects Dye & Durham's current expectations regarding future events. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In particular, statements regarding Dye & Durham's intention to strengthen its business offerings and refine its strategy to deliver greater value for its customers are forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dye & Durham's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in Dye & Durham's most recent annual information form. Dye & Durham does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Reuters
20-05-2025
- Business
- Reuters
Former Dye & Durham CEO wants changes, says he may call special meeting
NEW YORK, May 20 (Reuters) - Former Dye & Durham ( opens new tab Chief Executive Officer Matthew Proud told the Canadian legal software maker he is ready to call a special shareholder meeting unless the board considers changes he is proposing, according to a letter seen by Reuters. Plantro Ltd, a company controlled by Proud which owns 12% of Dye & Durham, urged the board in a letter sent on Tuesday to stop searching for a new CEO and give the job to the interim chief, Sid Singh. It also wants the board to add four new directors, divest the financial services division, and later this year begin work on selling the remaining core business. The board currently has seven directors. If the board refuses, "Plantro is prepared to requisition a special shareholder meeting to nominate a majority slate of independent, highly qualified directors with proven Canadian public company experience and institutional knowledge of the company," the letter said. Plantro said it is ready to "engage constructively," but also said the board has only until the close of business on Thursday to respond to its letter. A representative for Dye & Durham was not immediately available for comment. Proud, who stepped down as CEO six months ago, is ratcheting up pressure days after the company reported third quarter fiscal 2025 earnings, and its stock price tumbled 50% in the last six months, valuing the company at roughly $441 million. At December's annual meeting, activist investor Engine Capital won control of the board through a proxy fight. Even with new directors, the letter said investors are "in limbo" because the board failed to offer a vision for the future, has not explained past performance, and is resisting a "sale process that could generate returns for all shareholders." The company acknowledged in February it had received an unsolicited takeover bid for C$20 a share but it was not engaging with the party. Dye & Durham last year hired Goldman Sachs (GS.N), opens new tab as a strategic adviser to review options but in November said it was pausing its review after feedback from shareholders.
Yahoo
20-05-2025
- Business
- Yahoo
Former Dye & Durham CEO wants changes, says he may call special meeting
By Svea Herbst-Bayliss NEW YORK (Reuters) - Former Dye & Durham Chief Executive Officer Matthew Proud told the Canadian legal software maker he is ready to call a special shareholder meeting unless the board considers changes he is proposing, according to a letter seen by Reuters. Plantro Ltd, a company controlled by Proud which owns 12% of Dye & Durham, urged the board in a letter sent on Tuesday to stop searching for a new CEO and give the job to the interim chief, Sid Singh. It also wants the board to add four new directors, divest the financial services division, and later this year begin work on selling the remaining core business. The board currently has seven directors. If the board refuses, "Plantro is prepared to requisition a special shareholder meeting to nominate a majority slate of independent, highly qualified directors with proven Canadian public company experience and institutional knowledge of the company," the letter said. Plantro said it is ready to "engage constructively," but also said the board has only until the close of business on Thursday to respond to its letter. A representative for Dye & Durham was not immediately available for comment. Proud, who stepped down as CEO six months ago, is ratcheting up pressure days after the company reported third quarter fiscal 2025 earnings, and its stock price tumbled 50% in the last six months, valuing the company at roughly $441 million. At December's annual meeting, activist investor Engine Capital won control of the board through a proxy fight. Even with new directors, the letter said investors are "in limbo" because the board failed to offer a vision for the future, has not explained past performance, and is resisting a "sale process that could generate returns for all shareholders." The company acknowledged in February it had received an unsolicited takeover bid for C$20 a share but it was not engaging with the party. Dye & Durham last year hired Goldman Sachs as a strategic adviser to review options but in November said it was pausing its review after feedback from shareholders. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
13-05-2025
- Business
- Cision Canada
Board Letter to Shareholders
TORONTO, May 13, 2025 /CNW/ - Dye & Durham Limited ("Dye & Durham" or the "Company") (TSX: DND), one of the world's largest providers of cloud-based legal practice management software, today issued the below letter to shareholders on behalf of its Board of Directors (the "Board"). Dear Shareholders, Over the past five months, the new Board and management have diligently assessed our business, evaluated our leadership, and most importantly listened to customers' insights, concerns and goals. Following a period of rapid inorganic growth that compromised the quality of our customer experience, we recognize the urgent need to chart a different path to create long-term sustainable growth and enhance shareholder value. We are committed to doing this by getting back to business basics – delighting our customers with innovative and trusted products and customer service that is second to none. We are confident that, with our solid foundation of assets, we will transform our offerings to better serve the critical needs of our customers. The new management team is actively refining the product portfolio, restoring client trust through meaningful engagement and strategically investing in talent to drive value creation. By reflecting on the Company's past mistakes and missed market opportunities, the restructured Board is now positioned to make well-informed decisions about the future direction of Dye & Durham. With this vision in mind, we are pleased to share the Company's go-forward strategy, which is anchored by three pillars: Customers First, Product Transformation, and Portfolio Optimization. The strategy prioritizes organic growth and operational excellence, ensuring Dye & Durham remains the partner of choice for the legal community. At its core, the strategy places customers at the centre of every decision, ensuring that we keep our promises and meet their needs. The Company has already begun to see early progress as evidenced by the news shared today. Some highlights include: As of the end of April, our Unity® gross retention renewal rate is over 90%, a number that is above our initial expectations and reflects the early initiatives management has implemented. Our customer-focused strategy led to a 75% improvement in email response times and 85% improvement in phone response times. We launched a redesigned Unity® interface that significantly enhances usability and navigation for our users. We're also accelerating the long-awaited launch of Unity® in British Columbia. We recognize the need to act with speed and urgency. As such, the company has established a regional structure and has identified market leaders in the United Kingdom and Australia. We've also strengthened our teams by rehiring former employees who are product experts and highly trusted by our customers. This strategic move will ensure we leverage their deep industry knowledge and relationships. Additionally, we are nearing the completion of our search for a permanent CEO. While this search has lasted longer than expected, it's crucial we select the right individual who can lead Dye & Durham during this transformative period. Rest assured, the organization is not at a standstill while we finalize this decision. Transformative work is underway, and our management team is implementing impactful changes. The Board remains committed to maximizing long-term value for shareholders. Although we received recent bids for the purchase of the Company that have been given thorough consideration, we believe the best way to enhance long-term value is by optimizing operations first. These bids underscore the significant potential and value of our business. Selling a business during a renewal cycle or when operating trends are not optimized will lead to distractions at a critical time and is unlikely to benefit shareholders. Our approach requires patience, and we are highly confident that the operating trends will continue to improve as the leadership team continues to focus on the business. In the meantime, we are exploring the sale of some non-core assets to accelerate our deleveraging efforts. By concentrating on growing the business organically and selling non-core assets to improve the balance sheet, we expect to be in a much stronger position to maximize value, whether in the public market or through a sale. Each day, we are making meaningful strides toward unlocking Dye & Durham's full potential. Our focus on organic growth and operational improvements will continue to be our priority in the upcoming quarters. Although we are just at the beginning of our turnaround journey, the leadership team is confident that the future looks bright. Thank you for your investment. The Board of Directors Forward-Looking Statements This letter may contain forward-looking information within the meaning of applicable securities laws, which reflects Dye & Durham's current expectations regarding future events, including with respect to the Company's go-forward strategy. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent the Company's current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dye & Durham's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in Dye & Durham's most recent annual information form. Dye & Durham does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
