BISYS(R) Names Chairman Robert Casale Interim CEO; Company to Pursue Strategic Alternatives
10 Agosto 2006 - 5:05PM
Business Wire
The BISYS Group, Inc., a leading provider of outsourcing solutions
for the financial services sector, announced today that its Board
of Directors has accepted the resignation submitted by Russell P.
Fradin, President, Chief Executive Officer and Director of the
Company, effective September 5, 2006. Robert J. Casale, the
Chairman of the Board, will serve as interim President and Chief
Executive Officer while the Company seeks a permanent successor.
The Board has formed a search committee to find a permanent
President and Chief Executive Officer. Mr. Fradin has advised the
Board that he intends to pursue another opportunity. "Our Board of
Directors and management continue to be sharply focused on
addressing the challenges facing the Company, on doing what it
takes to maintain stability within our business and on identifying
and pursuing the path which best serves the interests of the
Company's shareholders," Mr. Casale said. "We appreciate the
contributions Russ has made during his tenure with the Company and
I look forward to working with the management team to help the
Company achieve its objectives and to continue to provide excellent
service to our customers." Exploration of Strategic Alternatives
The Company also announced that it has recently initiated a process
to explore strategic alternatives as part of its continued effort
to maximize shareholder value. The Company's Board of Directors is
engaging Bear, Stearns & Co., Inc. to advise it in connection
with this process. Update on Filings As a result of Mr. Fradin's
departure, and the resulting likelihood that the CEO certification
required by the Sarbanes-Oxley Act of 2002 with respect to the
Company's Form 10-K for fiscal 2006 will not be available on a
timely basis, the Company expects that its fiscal 2006 Form 10-K
filing will be delayed beyond the normal filing date. The Company
is working to complete the filing process promptly. The Company has
yet to complete its filing for Q3 fiscal 2006. The Company intends
to provide additional information concerning the results for the
full fiscal year ended June 30, 2006 following the publication of
its Q3 fiscal 2006 Form 10-Q. Although the Company does not
currently intend to provide earnings guidance for fiscal year 2007
given the present circumstances, it expects that its fiscal year
2007 earnings per share results will be substantially below the
current mean First Call consensus estimate for fiscal year 2007
earnings per share. About Robert Casale Mr. Casale, 67, has served
as a Director of the Company since 1997 and as Chairman of the
Board since 2004. Mr. Casale is the former Group President,
Brokerage Information Services, of ADP, a position in which he
served from 1988 to 1998. He also served as Managing Director,
Mergers & Acquisitions/Corporate Finance of the High Technology
Group of Kidder, Peabody & Co. and more than 10 years in
various executive positions with AT&T, including
President-elect of AT&T's Special Markets Group, responsible
for major joint ventures and partnerships. He is a member of the
Board of Directors of EasyLink Services, a public company provider
of services to facilitate the electronic exchange of certain
information and Northeast Securities, a privately held NYSE member
firm. About BISYS The BISYS Group, Inc. (NYSE: BSG) provides
outsourcing solutions that enable investment firms and insurance
companies to more efficiently serve their customers, grow their
businesses, and respond to evolving regulatory requirements. Its
Investment Services group provides administration and distribution
services for mutual funds, hedge funds, private equity funds,
retirement plans, separately managed accounts, and other investment
products. Through its Insurance Services group, BISYS is the
nation's largest independent wholesale distributor of life
insurance and a leading independent wholesale distributor of
commercial property/casualty insurance, long-term care, disability,
and annuity products. Additional information is available at
www.bisys.com. Except for the historical information contained
herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
events as well as changes in economic, competitive, regulatory
and/or technological factors affecting BISYS' business, including,
without limitation, the ongoing government investigations and
litigations involving the company. More detailed information about
risk factors that could cause actual results to differ materially
are noted in BISYS' periodic filings with the Securities and
Exchange Commission. These documents can be accessed on BISYS'
website at www.bisys.com under the "Investor Relations" tab.
Forward-looking statements are only predictions, not guarantees of
performance, and speak only as of the date they are made. BISYS
disclaims any obligation to update or amend these statements in
light of new information, future events or otherwise.
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