OpenText names IBM Americas chief as CEO, shares slide 3.7%
Ayman Antoun takes helm in April 2026 as company pivots toward enterprise AI growth
OpenText shares fell 3.7% to $27.38 on Thursday after the Canadian enterprise software company announced it had appointed former IBM Americas President Ayman Antoun as its next chief executive officer, effective April 20, 2026.
The appointment comes as OpenText searches for new leadership to drive growth in its core Enterprise Information Management business, which the company is positioning as a foundation for training "agentic AI" systems. Antoun will replace James McGourlay, who has served as interim CEO and will transition to a role within the Executive Leadership Team.
Antoun brings more than three decades of experience in global technology and transformation leadership. During his tenure as President of IBM Americas from 2020 to 2023, he led IBM's largest business across the United States, Canada, and Latin America, focusing on cloud infrastructure, cybersecurity, and digital modernization initiatives. His previous roles included President of IBM Canada and General Manager of Global Technology Services at IBM, as well as Senior Vice President of Business Market Sales at Bell Canada from 2013 to 2015.
"The Board of Directors believes Ayman is the best leader to enhance shareholder value by driving revenue growth in our core Enterprise Information Management business for training Agentic AI," said P. Thomas Jenkins, OpenText's Executive Chairman and Chief Strategy Officer, in a press release. Jenkins will return to his role as Chair of the Board once Antoun assumes the CEO position.
The market's negative reaction to the announcement may reflect concerns about the extended timeline—Antoun will not assume the role for more than 15 months—or uncertainty about strategy during the interim period. OpenText shares have already declined nearly 16% year-to-date and are trading 31% below their 52-week high of $39.58. The stock remains below its 200-day moving average of $31.84.
Despite the recent weakness, some analysts view the shares as undervalued. OpenText currently trades at a trailing price-to-earnings ratio of 14.89, with a forward P/E of just 6.86, according to market data. The company has a market capitalization of $7.26 billion and pays a dividend yielding 3.67%.
The CEO Search Committee, co-chaired by David Fraser, Lead Independent Director, highlighted Antoun's "strong international relationships across the public and private sectors" and his experience driving cloud and digital modernization initiatives. The committee said Antoun is "uniquely positioned to advance OpenText's leadership in enterprise AI during this pivotal growth phase."
OpenText, based in Waterloo, Ontario, reported $5.19 billion in trailing twelve-month revenue with a profit margin of 9.6%. The company generated $1.52 billion in EBITDA over the same period. Analysts have an average price target of $40.00 on the stock, with three strong buy ratings and nine hold recommendations, according to current analyst data.
Antoun holds a Bachelor of Science in Electrical Engineering from the University of Waterloo and completed Harvard Business School's Executive program in financial analysis, business management, and strategic planning. He currently serves on the boards of TD Bank and CAE.
In a statement, Antoun emphasized OpenText's "core product portfolio as the foundation for training agentic AI" and pointed to the company's worldwide client base as a competitive advantage. "Trusted data is essential for global economies, nations, and businesses," he said.
The appointment marks a significant leadership transition for OpenText, which has navigated a period of investor uncertainty amid shifting market dynamics in enterprise software and the broader technology sector. The company's ability to leverage its information management expertise in the rapidly evolving AI market will be a key focus under Antoun's leadership.