Lund Victor (Victor Lund)

Lund Victor (Victor Lund)

Biography

2019: Appointment of Victor Lund's Teradata as the CEO

On November 8, 2019 Teradata announced Oliver Ratzesberger dismissal from the CEO's post against the background of unsatisfactory results. The company was headed by the executive chairman of the board of directors Victor Lund who at the same time will save the post.

Lund was the president and the CEO of Teradata from May, 2016 to January of the 2019th.

Oliver was the leader and the seer of technologies since we began to transform Teradata business, and we thank him for a deposit — said Lund, commenting on Ratsesberger's resignation.

Dismissal it was announced after the publication of financial results of the third quarter 2019 which appeared below expectations of Wall Street. For this period revenue of the company was reduced by 11%, and sales of perpetual licenses on the software dropped by 78%. At the end of 2019 Teradata expects drop in sales of perpetual licenses for $250 million and decline in income from consulting service for 25% whereas predicted 20% recession.

As notes the ZDNet edition, change of the CEO was surprising, considering that Rattsesberger was appointed to this position after he started process of transformation of the company of equipment manufacturer into software developer who, however, only later began to be engaged several years in cloud services. Rattsesberger helped Teradata to rush on the Big Data market.

The weak forecast and sudden dismissal of the CEO caused deep concern on Wall Street. Analysts of Cowen, Bank of America of Merrill Lynch, and Stifel lowered the ratings of stocks of the company. Stifel considers that the Board of Directors decided to replace the head to focus on company management.^[1]

Notes