Yep , you were right, Doug has resigned. I personally am not in agreement with this. I thought that Doug made a fine presentation at the annual meeting and I told him so. I think his plans all made good sense to me. Heck the guy was only in there for one year..... Yes yes I know the share price has crashed and I along with a lot of others have shared in the pain. But was this all Bergeron's fault, some yes, but not all. At last yesr's AGM, Mr. Nelson, was beside himself with glee at bringing Bergeron on board and now this.
Mr Nelson, if you already had this in mind prior to the AGM - and it only makes sense that you did - why the hell didn't you do this before the AGM and then present your plans to us. Clearly you did not have the courage to do so Sir. Now, I have limited idea what the new management has in mind and will have to wait a full year to find out.
Anyway who the heck is John Caldwell? When did he run CAE? I'd like to know more information on his competencies. Heck, he'll be long gone before the next AGM. What kind of a BOD do we have here anyway???
Geac Appoints Interim Executives
TORONTO--(BUSINESS WIRE)--Oct. 2, 2000--GEAC(TSE:GAC. - news)
Geac Board appoints an Interim Chief Executive Officer, elects
a new Director and appoints the new Director Interim
President and Chief Operating Officer
The Board of Directors of Geac Computer Corporation Limited (TSE:GAC - news) announced today the appointment of
William G. Nelson, its current non-executive Chairman, as its interim Chief Executive Officer. In addition, the Board announced
the election of Mr. John E. Caldwell to the Board of Directors and appointed him interim President and Chief Operating
Officer.
In commenting on the announcement, Mr. Nelson stated, ``In the near term, I anticipate significant restructuring intended to
move Geac towards its historic operating margins and cash flow. We intend to undertake every effort to optimize performance
in the coming months in order to maximize shareholder value''.
As part of the strategic review underway, the Board intends for Geac to continue its strategy of acquiring mature application
software companies with substantial ongoing revenue streams to grow its business in selected segments. These executive
appointments will result in experienced management taking a hands-on role in leading these initiatives.
The Board has initiated a search for a new Chief Executive Officer.
Mr. Nelson served as CEO of Geac from August 1996 to April 1999. Mr. Caldwell served as President and CEO of CAE,
Inc. CAE's net income more than doubled during Mr. Caldwell's tenure as CEO.
Mr. Douglas Bergeron resigned as President and Chief Executive Officer and from the Board of Directors effective
immediately.
Geac Computer Corporation Limited is a provider of mission critical software and systems solutions to corporations around the
world. Geac solutions include cross-industry enterprise business applications for financial administration and human resources
functions, and enterprise resource planning applications for manufacturing, distribution, and supply chain management. As well,
Geac provides industry applications to the hospitality, property and publishing marketplaces, as well as a wide range of
applications for libraries and public administrations. Headquartered in Toronto, Canada, Geac ranks as one of the world's
largest software companies. Further information is available on the World Wide Web at geac.com, or through
e-mail at info@geac.com.
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail
various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking
statements. Risks and uncertainties about the Company's business are more fully discussed in Management Discussion and
Analysis published in the Company's annual report. |
