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Gold/Mining/Energy : GEAC.....Canadian best kept secret

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To: rajaggs who wrote (1474)	11/3/2000 6:00:06 PM
From: john.d	Read Replies (1) of 1571

Takeover target Geac appoints new chairman, CEO Personally, anything is better than Mr. Nelson. I listened to the last CC and left with little confidence that he had the capabilities to rescue us from this mess. I know nothing about Mr. Jones, but look forward to the next CC, which I assume will be after the 2nd Quarter results. I can only assume that the 2nd quarter results are not pretty. John TORONTO, Nov 3 (Reuters) - Canada's largest software company Geac Computer Corp (Toronto:GAC.TO - news) said on Friday it had appointed a new chairman and an interim president and chief executive. The board appointed Charles Jones as non-executive chairman of the board and John Caldwell as interim president and chief executive. The decisions were made after William Nelson stepped down as chairman and interim chief executive officer for personal reasons, though he remains a director of Geac. Geac said in October it would slash 500 jobs, about 12 percent of its work force, as part of a restructuring that will save C$60 million ($40 million) in annual expenses beginning in the third quarter of this fiscal year. The company, hit by stalling sales for its application software, also said investment bankers CIBC World Markets and Lazard Freres & Co. LLC will review takeover bids for all or parts of the business.

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