- Legendary founder Mark Leonard is resigning as president of Constellation Software (TSX:CSU) for health reasons, effective immediately
- Constellation Software acquires, manages and builds vertical market software businesses
- Constellation Software stock has given back 13.42 per cent year-over-year but remains up by 144.09 per cent since 2020
Legendary founder Mark Leonard is resigning as president of Constellation Software (TSX:CSU) for health reasons, effective immediately.
This content has been prepared as part of a partnership with Constellation Software Inc., and is intended for informational purposes only.
Following his Bachelor’s degree from the University of Guelph and an MBA from the University of Western Ontario, Leonard founded Constellation in 1995 out of a desire to own vertical market software businesses perpetually, in contrast to venture capital’s short-term nature, while deploying a decentralized business model that empowers portfolio companies to innovate on their own terms and lead by example.
Leonard wore this credo on his sleeve, making headlines in 2014 for waiving his compensation and paying for his travel expenses, in an effort to “lead a more balanced life, with a less oppressive sense of personal obligation,” as per his 2014 shareholder letter.
Constellation has since grown to more than 50,000 employees serving customers in more than 100 markets worldwide, generating US$10 billion in revenue and US$730 million in net income in 2024.
The board has appointed Mark Miller, currently chief operating officer, as the new president, with both roles to continue under his leadership. Leonard will remain with the company as a director.
Management commentary
“On behalf of the board and all of the employees of Constellation, I’d like to wish Mark a full and swift recovery,” John Billowits, chairman of Constellation Software, said in Thursday’s news release. “Since Mark’s original inception of Constellation in 1995, his visionary leadership, humility and wisdom have inspired countless Constellation leaders and employees to build what has become a truly exceptional global software company.”
“The board and I have complete confidence in Mark Miller and our executive team to execute on Constellation’s business plan,” Leonard added. “Mark Miller has been a trusted adviser and a driving force within Constellation’s executive leadership team for over thirty years and I can think of no one more experienced, knowledgeable and capable to lead the company at this time.”
“My first thoughts are with my friend and colleague Mark Leonard, and I join the entire Constellation community in wishing him a complete and speedy recovery,” Miller commented. “Thankfully, Mark leaves Constellation exceptionally well-positioned to continue the trajectory of accomplishment and success we’ve experienced under his leadership. Working with our proven team of exceptional managers, capital allocators and employees, I’m confident we will have a seamless transition and deliver ever-increasing value to our shareholders and our customers.”
About Constellation Software
Constellation Software acquires, manages and builds vertical market software businesses.
Constellation Software stock (TSX:CSU) is down by 8.52 per cent on the news trading at C$3,785.30 as of 9:54 am ET. The stock has given back 13.42 per cent year-over-year but remains up by 144.09 per cent since 2020.
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