OpenText taps former Oracle hand as its new president

TORONTO (Reuters) - OpenText Corp said on Thursday it has tapped former Oracle Corp executive Stephen Murphy as its new president, giving Chief Executive Officer Mark Barrenechea more time to focus on strategy and the company’s product road map.

The Waterloo, Ontario-based business software maker said Barrenechea will cede the title of president, but take on the mantle of chief technology officer as he also focuses on acquisitions.

Barrenechea told Reuters earlier this month the company plans to roughly double revenue and cash flow in the next few years largely through acquisitions.

OpenText said Murphy, who most recently served as a senior vice president and general manager at Oracle, will report to Barrenechea.

Murphy’s appointment is effective Jan. 4.

One of Canada’s largest software companies, OpenText’s products help to manage large volumes of content and compliance with regulatory requirements.

Reporting by Euan Rocha; Editing by Jeffrey Benkoe