- Richard J. Haviland Joins Board -
NEW YORK, Aug. 31 /PRNewswire-FirstCall/ -- BISYS, (NYSE: BSG) a leading
provider of outsourcing solutions for the financial services sector, announced
today that Robert J. Casale has been elected chairman of its Board of
Directors.
Mr. Casale, who has served on the Board of Directors of BISYS since 1997,
is the former Group President, Brokerage Information Services, of Automatic
Data Processing (ADP), a position in which he served from 1988 to 1998. His
experience also includes serving as Managing Director, Mergers & Acquisitions
/ Corporate Finance of the High Technology Group of Kidder Peabody and Co. In
addition, Mr. Casale served for more than 10 years in various executive
positions at AT&T, including President-elect of AT&T's Special Markets Group,
responsible for major joint ventures and partnerships.
Mr. Casale succeeds Lynn J. Mangum, who is stepping down as chairman and
as a member of the BISYS Board of Directors effective August 31, 2004, as
planned and in accordance with the terms of his Transition Services Agreement
entered into on October 30, 2002.
BISYS also announced that Richard J. Haviland will join the Board of
Directors of BISYS on September 1, 2004. Mr. Haviland served for 20 years in
various executive and financial roles at Automatic Data Processing, most
recently as Chief Financial Officer and a member of its Executive Committee.
Mr. Haviland retired from ADP in 2001. Mr. Haviland's prior experience
includes 11 years in the auditing and assurance practice of Touche Ross & Co,
a predecessor firm of Deloitte & Touche.
Mr. Casale stated, "We want to thank Lynn for his 15 years of tremendous
service to BISYS. His vision and leadership have been instrumental to the
Company's success, and we look forward to building upon the strong foundation
and track record of performance established during his tenure. We also
welcome Rich to the board of directors. His strong financial skills and
experience will be a great benefit to our board of directors, and we look
forward to his contributions."
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 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with approximately $750 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 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 approximately
350 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 BISYS Group, Inc.'s operations, markets, services and
related products, prices and other factors discussed in The BISYS Group,
Inc.'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:
Daniel Briggs, Vice President Finance &
Investor Relations of The BISYS Group, +1-212-907-6134
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