-Sheehan Role to Change for Medical Reasons-
NEW YORK, Oct. 9 /PRNewswire-FirstCall/ -- The BISYS Group, Inc.
(NYSE: BSG) today announced that it is making plans to transition to a new CEO
later this fiscal year to succeed Dennis R. Sheehan, who advised the Company
that ultimately he will need to step down for medical reasons.
Mr. Sheehan stated, "Quite simply, I had an accident that has resulted in
a medical condition that prevents me from serving long-term as CEO of the
Company. Although my medical condition is not life threatening and has not
and does not affect my ability to perform the day-to-day responsibilities of
my position, my doctors have advised me that continuing an extended career as
a senior executive of a public company with the related high degree of stress
would not be in my long-term best interests. I looked forward to a long
career with BISYS, and to working toward the long-term success of BISYS and
its shareholders, and I am disappointed that I need to step down prematurely.
I want to emphasize that my decision is completely unrelated to the recent
earnings disappointments and I remain confident in our recently set financial
guidance, and in the long-term prospects for the Company. I would like
nothing better than to lead BISYS back to long-term revenue and earnings
growth. I am committed and able to continue to serve as full-time CEO through
the successful transition to my successor."
Lynn Mangum, Chairman of the Board, stated, "We are disappointed that
Dennis will not be able to continue the long career with BISYS that we
expected. Dennis has been a tremendous asset to BISYS since joining the
Company in 1995 as part of our acquisition of Concord Holding Company. We
will miss his strong leadership capabilities and strategic vision. I look
forward to assisting Dennis, and in the future his successor, with various
corporate activities, including strategic planning and overall guidance of the
business as I had agreed at the time we announced that Dennis would become
CEO. We have a great company with an exceptional management team. We look
forward to bringing on a new chief executive to lead BISYS to continued
success in the future."
Mr. Sheehan will continue to serve as President and CEO and as a member of
the Board of Directors until his successor joins the Company after which he
will continue to serve BISYS for a period of time in a transitional role. The
Company has engaged Korn/Ferry International to assist it in the executive
search process.
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 more than $650 billion
in assets under administration. BISYS' largest group also provides retirement
services to more than 17,000 companies in partnership with 40 of the nation's
leading banks and investment management companies, and offers analytical
research and competitive intelligence 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 third largest independent wholesale broker 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 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 of BISYS Group,
Inc., +1-212-907-6066
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