Citrix Shares Down 1% After Company 's CEO Ousted

Shares of Citrix Systems Inc. fell more than 1% late Monday after the Fort Lauderdale, Fla., company said its board of directors has appointed David J. Henshall, Citrix's chief financial officer and chief operating officer, as the company's president and chief executive officer, in addition to board member, effective immediately. Henshall's appointment follows the "mutual separation decision" between the board and CEO Kirill Tatarinov, the company said in a statement. "The Citrix board has identified the leadership team to drive the company's long-term strategy and growth, led by David Henshall," the company said. Citrix is committed to operational efficiency and value creation, and this includes "a series of strategic initiatives intended to drive operating margin expansion, increase capital return and facilitate further investment in accelerating Citrix's transformation to a cloud-based subscription business and in high-growth areas, such as data security and analytics services," it said. The company will discuss its plan at its second-quarter earnings call. Citrix is scheduled to report results on July 26. The stock had ended the regular session up 0.8%.