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Dye & Durham (DND.TO) on Tuesday said its chief executive officer and board director, George Tsivin, has stepped down, effective immediately.A sub-committee of the board, called the Transformation Committee, will assume the responsibilities of the office of the CEO in the interim, the legal practice management software provider said. The board has begun a search for a permanent CEO.
Dye & Durham (DND.TO) said after markets closed on Monday that Alan Hibben has resigned from its board of directors with immediate effect."Until such time as an individual is appointed to the Board to fill the position created by Mr. Hibben's resignation, the Company will operate with a Board comprised of six directors," the company added.
Dye & Durham (DND.TO), a provider of cloud-based legal-practice-management software, on Monday named a new interim chair and added a company co-founder to its board, while also naming a new interim chief financial officer.Mary Filippelli has been appointed chair of the board until the next annual meeting, said the company, adding Eddie Smith has resigned from the board to facilitate Filippelli's appointment."Ms. Filippelli is an accomplished corporate director and former senior executive with extensive experience in governance, financial services, risk management and strategic transformation," said the company. She currently serves as a director of Sylogist (SYZ.TO) and previously served as an independent director of Canadian Western Bank, Fidelity Investments Canada and Ontario Power Generation, noted the company. She was formerly vice chair and managing partner at Deloitte Canada and held senior leadership roles with Lloyds Banking Group in the United Kingdom and KPMG Canada, it added.Additionally, Tyler Proud, co-founder of Dye & Durham and chief executive officer of OneMove Capital Ltd has joined the board as OneMove's nominee, replacing Wendy Cheah, who has stepped down, DND said. In connection with Proud's appointment, Proud and OneMove have agreed to extend certain voting commitments, the company noted, adding that Proud and OneMove have also agreed to extend the standstill period under the OneMove Settlement Agreement to 60 days before the 2027 AGM.DND said Sandra Bell's tenure as interim chief financial officer has concluded, effective immediately, and the board has appointed Steve Waszak as the new interim chief financial officer while the company's search for a permanent one remains ongoing.The company added its previously announced strategic sales process remains ongoing and there are no further updates at this time. "Mr. Proud and OneMove are in full support of the process and will consider the Strategic Committee's recommendation upon its delivery to the Board," added the company.Last July, DND initiated a strategic review that could include a sale of assets. Related to that review, DND entered into a co-operation agreement with Plantro, a large shareholder that had been driving for such a sale. Plantro demanded immediate action from DND to address the nearly $1 billion in lost shareholder value after DND's share price had fallen by around 60% in around six months.Last October, The Canadian Press then reported, another co-founder and former chief executive of DND, Ronnie Wahl, sought to nominate a new board of directors as part of a plan that would see it put up for sale. The reported noted activist investor Engine Capital had successfully pushed for a shakeup at DNN in 2024 and Engine Capital's slate of nominees was appointed after the previous board resigned together ahead of a shareholder vote. Wahi said he has made repeated attempts to constructively engage with the new board, but they have been fruitless, the report also noted.Back in February 2025 DND said it had received an unsolicited offer to buy it.
CIBC Capital Market is maintaining a neutral rating and $4.00 price target on the shares of Dye & Durham (DND.TO) even though the company reported a third-quarter earnings miss.Third-quarter revenue was 4% below consensus, while adjusted EBITDA was 1% above, notes analyst Erin Kyle. Volume declines and softer pricing impacted results, with total revenue down 12% Y/Y.While declines in the Legal Software business continued to accelerate, management noted it is shifting from a retention-only strategy and is seeing improvements in new customer acquisitions, win-backs and renewals. Cost saving initiatives have helped offset revenue declines, with adjusted EBITDA margins now stable at 47% over the past two quarters, Kyle adds.Following the sale of Credas, the company also finished the third quarter with a net leverage of 5.5x, below its covenant maximum threshold of 5.8x.Price: $3.00, Change: $+0.15, Percent Change: +5.26%
Dye & Durham (DND.TO) reported a swing to a third-quarter profit, the company said on Tuesday.Dye & Durham reported a net profit of $66.0 million, or $0.98 per share, compared with a re-stated loss of $23.4 million, or $0.35 per share, in the prior year period. Analysts polled by FactSet had expected a profit of $0.10 per share.The result was boosted by a gain of $81.5 million due to the disposal of Credas, and stock based compensation recovery of $29.5 million, as a result of the forfeitures of stock options by the company's former chief executive, a statement noted.Revenue fell 12$ to $91.2 million, from a re-stated $103.4 million in the prior year period, missing the $94.4 million expected by analysts. The lower revenue was primarily driven by market downturn and the impact of lower volumes and pricing from customer losses affecting practice management and data insights platforms. It also reflected the divestiture of Credas Technologies.The company did not pay any dividend during the quarter. Dye & Durham has elected to indefinitely suspend the payment of dividends until further notice.Dye & Durham shares closed up $0.06, to $$3.00 on Friday on the Toronto Stock Exchange.
