NEW YORK, Jan. 20 /PRNewswire-FirstCall/ - The Board of Directors of The
BISYS Group, Inc. (NYSE: BSG), a leading provider of business process
outsourcing solutions for the financial services sector, today announced that
Russell P. Fradin, 48, will be joining BISYS as president and CEO, and as a
member of its Board of Directors effective February 2, 2004. Mr. Fradin is a
veteran of the outsourcing services industry having recently served as
president, Global Employer Services Group of Automatic Data Processing (ADP).
Lynn Mangum, chairman of the board, stated, "We are very pleased that Russ
has accepted this position to lead the BISYS organization. Russ is an
outstanding leader with a distinguished track record in the outsourcing
services industry and has the personal characteristics that make him uniquely
qualified to be BISYS' CEO. His strategic planning strengths, passion for our
business, and reputation for setting and achieving high standards will serve
BISYS' associates, clients, and shareholders well."
Mr. Fradin succeeds Dennis Sheehan who announced in October 2003 that he
would ultimately need to step down as CEO for medical reasons. Mr. Mangum
added, "We would like to thank Dennis for his significant contributions and
years of dedicated service. Dennis' vision and leadership were instrumental
in establishing and growing BISYS' strategic portfolio of businesses, and we
wish him future success and good health."
Mr. Fradin said, "I am extremely excited to join BISYS at an important
point in the company's development. BISYS has a strong, diversified business
foundation, and is poised for continued growth and profitability. BISYS'
management team has built a successful organization with market-leading
businesses and loyal customers, and a talented employee base committed to
excellence. I look forward to the challenge of leading BISYS to renewed
long-term growth in revenues and earnings, and superior returns for its
shareholders."
Before joining BISYS, Mr. Fradin served as a senior executive with
Automatic Data Processing for seven years, most recently as president of ADP's
Global Employer Services Group. During his leadership tenure at ADP, Employer
Services' revenue grew from $2.7 billion to $4.5 billion and the business
diversified significantly beyond its traditional payroll processing services.
Prior to ADP, Mr. Fradin was a director at McKinsey and Company Inc., a
leading global management consulting firm. At McKinsey, he was responsible
for providing a wide range of Fortune 500 clients with strategic advice on
identifying and executing winning business strategies, with a special emphasis
on new product and service innovations.
Mr. Fradin was awarded a B.S. degree in economics from the University of
Pennsylvania, Wharton School of Business; and a M.B.A. degree from the Harvard
Business School.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 370 clients,
representing approximately 2,100 mutual funds, hedge funds, private equity
funds, and other alternative investment products with approximately $700
billion in assets under administration. BISYS' largest group also provides
retirement services to more than 18,000 companies in partnership with 40 of
the nation's leading banks and investment management companies, and offers
analytical research and competitive information through its Financial Research
Corporation (FRC) subsidiary. Through its Insurance and Education Services
group, BISYS is the nation's largest independent distributor of life insurance
and the premier provider of the support services required to sell traditional
and variable life, long-term care, disability, and annuity products.
BISYS is also the nation's second largest independent wholesale
distributor of commercial property/casualty insurance. This group complements
its insurance distribution services with a comprehensive compliance management
solution that supports insurance and investment firms and professionals with
more than 215 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. Additional
information is available at http://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 subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Lynn J. Mangum, Chairman, +1-212-907-6066,
for The BISYS Group, Inc.
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