The chief executive of the newly integrated Itiviti and ULLINK businesses has announced he will retire at the end of the year.
Torben Munch was announced as CEO of the combined companies earlier this year following the completion of the deal.
The firms looked to form a global capital markets technology powerhouse with $200 million in revenues, 1,000 employees and a local market presence in all major markets in Europe, Asia and the Americas.
Itiviti’s chief product officer, Richard Bentley, has been appointed Interim CEO, effective 1 January 2019.
The tech firm said the board of directors will initiate a search process for a permanent CEO immediately.
Munch had been with Itiviti companies since 2012 as CEO of Orc Group and then of Itiviti from February 2016.
The ULLINK deal will go down as a major part of his legacy at the company.
“Under Torben Munch’s adept leadership, Itiviti has evolved from a diverse group of companies into a global, full-service technology and infrastructure provider for the capital markets,” says Per Larsson, chairman of the board, Itiviti.
“We credit Torben with building a strong team and developing a solid, coherent offering aligned with market requirements and customer needs. Following the merger with ULLINK, we are perfectly positioned to leverage our enhanced capabilities with increased focus on growth, reinforcing Itiviti as a global partner for the capital markets industry.”
The ULLINK deal will go down as a major part of Munch’s legacy at the company.
Following the deal the companies confirmed it was a ‘union of equals’ and Munch said at the time the company will ultimately be judged on its delivery capabilities.