Dembo steps away from CEO role as Algo secures new financing;

Ron Dembo, founder and chief executive of Toronto-based technology vendor Algorithmics, is to step away from his day-to-day running of the company to assume the role of chairman. The move comes as Algorithmics secured new financing from its main shareholders.

Dembo has held the chief executive role since the company was founded in 1989. Michael Zerbs, chief operating officer, who has also been at the company since its first year, will take over as acting chief executive.

The development comes as Algorithmics secured long-term refinancing from its existing investors, including major banks Morgan Stanley, Commerzbank, Canadian Imperial Bank of Commerce and Royal Bank of Canada.

“It is my intention to concentrate on the company’s long-term vision and continue to play an active role as a member of Algorithmics’ board of directors,” said Dembo.

Algorithmics specialises in creating and implementing enterprise risk management software for financial institutions. It boasts more than half the world’s largest financial institutions as customers.