Actuate Announces Pete Cittadini Promoted to CEO; Nico Nierenberg to Remain as Chairman and Assumes New Role as Chief Architect.Business Editors SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BUSINESS WIRE)--Aug. 2, 2000 Actuate(R) Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACTU ACTU Australian Council of Trade Unions ACTU AIDS Clinical Trials Unit (Washington University Medical Center, St. Louis, Missouri) ACTU Association of Catholic Trade Unionists ACTU Australian Capital Territory Union ), the leader in e.Reporting(TM) for e.Business, announced today that Pete Cittadini has been promoted to CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Actuate also announced that its founder, Nico Nierenberg, has taken on a new role as Chief Architect. Mr. Nierenberg will also continue as the company's Chairman of the Board. Mr. Cittadini joined Actuate in January 1995 as Executive Vice President and has been the company's President and COO since October 1998. "From day one with Actuate, Pete has been instrumental in Actuate's growth from a start-up to one of the fastest growing, profitable, publicly traded software companies in the world," said Nierenberg. "Given Pete's proven leadership and operational skills I am confident Actuate will continue its success." "I am very honored," said Cittadini. "I believe that the opportunities that lie ahead for Actuate are tremendous and I will continue to focus my efforts to ensure that Actuate continues to provide the leading solution for delivering business critical information to the Internet." As Chief Architect, Mr. Nierenberg will focus on developing the next generation of Actuate's e.Reporting products and expanding customer relationships and strategic partnerships. "This was a personal decision, one I have discussed with Pete and our board of directors for some time," said Nierenberg. "Pete's promotion will allow me to dedicate myself full-time to strategizing on the future direction of our products as well as building and enhancing customer and partner relationships." About Actuate Corporation Actuate Corporation has established e.Reporting as the practice of publishing high-value business information on a Web site for use by customers, partners and employees. e.Reporting enables a company to enhance its e.Business site - beyond brochureware A Web site that advertises a product but contains only the equivalent of a paper brochure with no interactivity. The Web is not encumbered by the size of paper and offers the ability to show endless views and details of a product, make recommendations based on user input, download demos and transaction capabilities - with post-transaction content such as client stock portfolio reports, client statements and performance metrics, for the purpose of creating a more loyal customer base. A critical component of the Internet infrastructure, Actuate powers e.Business sites for Global 2000 companies and Internet start-ups including Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , American Express, Worldcom, US West, HotJobs.com, AlliantLink.com, and Healtheon/WebMD. Internet vendors reselling Actuate include Ariba, Aspect Development, BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. , Clarify, PeopleSoft and Siebel. Founded in 1993, Actuate has headquarters in South San Francisco, California South San Francisco is a city in San Mateo County, California, United States, located on the San Francisco Peninsula in the San Francisco Bay Area. The population was 60,552 at the 2000 census. , and has offices worldwide. For more information on Actuate, visit the company's Web site at http://www.actuate.com. Actuate is a registered trademark of Actuate Corporation. e.Reporting is a trademark of Actuate Corporation. All other products and corporate names referenced are trademarks of their respective companies. Copyright 2000, Actuate Corporation. The statements contained in this release that are not purely historical are forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding Actuate's expectations, beliefs, hopes, intentions or strategies regarding the future. All forward looking statements in this release are based upon information available to Actuate as of the date hereof, and Actuate assumes no obligation to update any such forward looking statements. Actual results could differ materially from Actuate's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, the Risk Factors discussed in Actuate's Securities and Exchange Commission filings, specifically Actuate's 1999 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on March 30, 2000 and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2000. |
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