Market Chatter: Bank of Nova Scotia Unit Backs OpenText Board's Move to Remove CEO Barrenechea

MT Newswires Live

Aug 14, 2025

Bank of Nova Scotia's (BNS) Jarislowsky Fraser unit said it supports OpenText's (OTEX) board in its decision to remove CEO Mark Barrenechea, Bloomberg reported Thursday, citing Jarislowsky's head of research Charles Nadim.

Nadim reportedly said he believes OpenText is undervalued despite being a leader in enterprise content management.

Jarislowsky Fraser holds an 8.5% stake in OpenText, according to Bloomberg.

OpenText said Monday it appointed James McGourlay as interim chief executive officer, effective immediately. McGourlay, who held the role of executive vice president for international sales, succeeds Barrenechea, who also steps down as chief technology officer and board vice chairman, the company said.

Jarislowsky Fraser, Bank of Nova Scotia and OpenText did not immediately respond to requests for a comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 56.44, Change: -0.22, Percent Change: -0.39

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