MPS Refines Business Units to Maximize Performance; Company Presents at Bear Stearns Technology Conference.Business Editors & High Tech WritersJACKSONVILLE, Fla.--(BUSINESS WIRE)--June 11, 2001 Modis Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , Inc. (NYSE NYSE See: New York Stock Exchange :MPS), announced today that it has reorganized some of its business units and internal functions to maximize performance. The organizational changes outlined by the Company are expected to help drive future growth, reduce costs, improve profitability, and position MPS to thrive when the economy improves. MPS President and Chief Executive Officer Timothy D. Payne stated, "In 2000, we considered separating MPS into three distinct public companies. The organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. to effect the separation is no longer the most efficient or effective. Given our strategic decision to remain one company focused on delivering a broad range of human capital solutions and business services, we have enacted a number of organizational changes to better position MPS as one company." The organizational changes are focused on streamlining the Company's Corporate Services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. and Financial functions, improving sales effectiveness across its various business units, and creating a platform for future growth in its European operations. The Company also announced that George A. Bajalia, President of the Prolianz division and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of MPS (since March 1, 2001), and a director of the Company, will pursue opportunities outside of MPS. The Company indicated that it would recruit/appoint a replacement for the Prolianz division position and an outside director will be added to the Board, while the Chief Operating Officer position has been eliminated. Corporate and Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. The Company indicated that it has consolidated its corporate functions to lower costs and provide better service across all its operating divisions. In conjunction with this consolidation, John L. Marshall has assumed the leadership of the MPS Group Services unit that provides MIS, real estate and facilities, benefits administration, and procurement services across MPS. The Company has also made substantial progress during the last two quarters in consolidating financial operations and improving business processes. Sales Initiatives In order to leverage customer relationships and individual brand strengths, the Company has launched a major initiative to improve selling effectiveness across its business units. The Company believes that clients increasingly seek broad geographic delivery capability and specialized strengths when selecting providers of professional services. MPS announced that Steven R. Parker, who joined the Company in 1995, has accepted the position of Vice President of Sales. Mr. Parker will be responsible for creating synergies between all business units and driving new sales initiatives. Entegee Engineering Division The Company announced that it has changed its reporting structure with respect to Entegee, the Company's Engineering Services Division. Under the new structure, Robert Cecchini, President of Entegee since 1995, will report directly 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. Timothy Payne. Entegee has been one of the Company's best performing units in recent quarters, with strong profitability and good growth. European Operations MPS is one of Europe's largest providers of professional services, with over 30 offices throughout the United Kingdom, Belgium, The Netherlands, and France and revenues of over $400 million in 2000. The Company's European operations have been reorganized under the banner of "MPS Group International," which remains a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Modis Professional Services, Inc. MPS Group International will be led by Ross D. Eades, who has served as the leader of the Company's European IT services unit since 1997. MPS Group International will continue to go to market with its existing well-established brands: Badenoch & Clark, which provides accounting and professional services, and Modis International, which provides information technology services. The management board of MPS Group International will consist of senior executives from both Badenoch & Clark and Modis International. The Company anticipates that this new structure will provide the optimal platform for future growth as well as the most flexibility from a strategic standpoint. Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Conference The Company also announced that it will be presenting at the Bear Stearns 12th Annual Technology Conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on Tuesday, June 12, 2001, at 3:20 p.m. Eastern Time. Slides from the presentation will be available tomorrow at 3:20 p.m. ET on the MPS website at www.modispro.com under Investor Center and will be available until the end of business on June 15, 2001. Except for the materials described above, none of the information on our web sites should be considered included in this release. About Modis Professional Services, Inc. Modis Professional Services, Inc. is a global provider of human capital solutions including professional staffing, e-business and systems integration, IT resource management, career management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects , and knowledge worker e-procurement. MPS solutions enable customers and clients to effectively locate, retain, and deploy strategic knowledge worker resources in the areas of information technology, accounting and finance, law, engineering and technical, and science. A Fortune 1000 company, MPS is headquartered in Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. , and serves leading businesses throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, the United Kingdom, and continental Europe Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. . For more information about MPS, please visit the following web site: www.modispro.com. Except for the materials described above, none of the information on our web site should be considered included in this release. Forward-Looking Statements The statements contained in this press release should be considered forward-looking statements that are subject to risks, uncertainties or assumptions described above and may be affected by other factors, including but not limited to the factors discussed in the Company's filings with the Securities and Exchange Commission. Readers are urged to review and consider the factors listed under "Forward-Looking Statements" on page 2 of the Company's 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. for 2000 and in subsequent filings with the Securities and Exchange Commission. |
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