Activist investor Elliot Management departs Citrix’s board

Turnaround mission accomplished? Looks like it


Citrix has announced the departure of a director and in so doing signified the business has probably turned a corner.

The director in question, Jesse Cohn, is a partner at activist investor Elliot Management and became a board member after his firm acquired a stake in Citrix in 2015. At the time, Cohn said Elliot regarded Citrix as an underperforming business that needed a re-org to expose its best products. Among his plans was a spinoff of the GoTo business, which was duly sold to LogMeIn for $1.8bn in 2016.

Citrix has also trimmed down, all-but-quit the server virtualisation business, ditched its Xen brand behind and made a strong push into SD-WAN.

Not everything has gone well. Finances have sometimes been floppy, a sudden 2017 CEO swap suggested the turnaround plan wasn’t going well and an early 2020 security incident was one of the nastier and messier bugs of recent times.

Yet the company has also done well with both its own cloud services and those in third-party clouds, while adding a strong networking business and improving its collaboration products. It’s also managed to start selling substantial slabs of its wares as subscriptions, which means it can look a few quarters ahead with confidence the cash will keep coming in.

Those moves have been reflected in the company’s share price, which has done very nicely indeed since the dark days of 2015. At the time of writing it was trading at US$150.56, almost triple the $50.98 on the same day of 2015. Coronavirus has helped things along: the price is up almost $50 since February 28th! The company has also reported good revenue growth and welcome adoption of its subscription offerings.

The announcement of Cohn’s departure certainly suggest his work at Citrix is done.

“We want to thank Jesse for his dedicated service to the board,” said Bob Calderoni, chairman of the board. “His candor, insights and partnership have been valuable and appreciated as the company was executing a significant shift in our strategy, operations and business model. Today, with leadership from the board and executive team, and execution by our 8,500 plus employees, Citrix is stronger and more valuable than ever, and I want to thank Jesse for his many contributions to our success over the past five years.”

Cohn himself said “Citrix has been a terrific long-term investment for Elliott Management.”

“I’m proud to have served as a member of the board during this phase of the company’s growth and transformation. I want to thank David Henshall and his team, my fellow directors on the board, and all of Citrix’s talented employees for making these past five years such a positive and collaborative experience, and I look forward to the company’s continued success.” ®

Similar topics


Other stories you might like

  • Prisons transcribe private phone calls with inmates using speech-to-text AI

    Plus: A drug designed by machine learning algorithms to treat liver disease reaches human clinical trials and more

    In brief Prisons around the US are installing AI speech-to-text models to automatically transcribe conversations with inmates during their phone calls.

    A series of contracts and emails from eight different states revealed how Verus, an AI application developed by LEO Technologies and based on a speech-to-text system offered by Amazon, was used to eavesdrop on prisoners’ phone calls.

    In a sales pitch, LEO’s CEO James Sexton told officials working for a jail in Cook County, Illinois, that one of its customers in Calhoun County, Alabama, uses the software to protect prisons from getting sued, according to an investigation by the Thomson Reuters Foundation.

    Continue reading
  • Battlefield 2042: Please don't be the death knell of the franchise, please don't be the death knell of the franchise

    Another terrible launch, but DICE is already working on improvements

    The RPG Greetings, traveller, and welcome back to The Register Plays Games, our monthly gaming column. Since the last edition on New World, we hit level cap and the "endgame". Around this time, item duping exploits became rife and every attempt Amazon Games made to fix it just broke something else. The post-level 60 "watermark" system for gear drops is also infuriating and tedious, but not something we were able to address in the column. So bear these things in mind if you were ever tempted. On that note, it's time to look at another newly released shit show – Battlefield 2042.

    I wanted to love Battlefield 2042, I really did. After the bum note of the first-person shooter (FPS) franchise's return to Second World War theatres with Battlefield V (2018), I stupidly assumed the next entry from EA-owned Swedish developer DICE would be a return to form. I was wrong.

    The multiplayer military FPS market is dominated by two forces: Activision's Call of Duty (COD) series and EA's Battlefield. Fans of each franchise are loyal to the point of zealotry with little crossover between player bases. Here's where I stand: COD jumped the shark with Modern Warfare 2 in 2009. It's flip-flopped from WW2 to present-day combat and back again, tried sci-fi, and even the Battle Royale trend with the free-to-play Call of Duty: Warzone (2020), which has been thoroughly ruined by hackers and developer inaction.

    Continue reading
  • American diplomats' iPhones reportedly compromised by NSO Group intrusion software

    Reuters claims nine State Department employees outside the US had their devices hacked

    The Apple iPhones of at least nine US State Department officials were compromised by an unidentified entity using NSO Group's Pegasus spyware, according to a report published Friday by Reuters.

    NSO Group in an email to The Register said it has blocked an unnamed customers' access to its system upon receiving an inquiry about the incident but has yet to confirm whether its software was involved.

    "Once the inquiry was received, and before any investigation under our compliance policy, we have decided to immediately terminate relevant customers’ access to the system, due to the severity of the allegations," an NSO spokesperson told The Register in an email. "To this point, we haven’t received any information nor the phone numbers, nor any indication that NSO’s tools were used in this case."

    Continue reading

Biting the hand that feeds IT © 1998–2021