Printer Friendly

i2 Announces Resignation of Michael E. McGrath as President and CEO.

DALLAS -- i2 Technologies, Inc. (NASDAQ: ITWO) today announced the resignation of Michael E. McGrath as president and chief executive officer (CEO), effective July 30, 2007. The company had previously announced in May that McGrath was expected to retire from i2 by the end of the year.

"Michael became CEO during a critical time in our history, and brought a great deal of energy and passion to the position while leading us through many key initiatives, including stabilizing the company financially, improving our management foundation and setting the stage for future growth," said i2 Founder and Chairman Sanjiv Sidhu. "Under his leadership, i2 has achieved eight consecutive quarters of profitability and improved liquidity. His increased focus on our services business has led to increases in our services revenue as we continue to transition to a solutions-oriented provider. His vision in the area of new-generation supply chain management solutions has helped i2 continue its leadership in the supply chain management space. Michael's contributions have been many and we are grateful for all he has done on behalf of i2."

"I have appreciated the opportunity to serve i2 as its president and CEO the last two and a half years," said McGrath. "I will miss the daily contact that I have had working with i2's world-class employees and customers. i2 has a bright future and I know the company will continue to deliver tremendous value to the companies it serves."

McGrath, who intends to pursue other opportunities, continues as a director of the company and is expected to remain employed by i2 in an advisory capacity as CEO emeritus through October 31, 2007. In that role, he will continue to assist the board of directors with the search for a new CEO.

About i2

i2 helps business leaders make better supply chain decisions. i2's flexible new-generation solutions are designed to synchronize demand and supply across ever-changing global business networks. i2's innovative supply chain management tools and services are pervasive in a wide cross-section of industries; 20 of the AMR Research Top 25 Global Supply Chains belong to i2 customers. Learn more at www.i2.com.

i2 is a registered trademark of i2 Technologies US, Inc. and i2 Technologies, Inc.

i2 Cautionary Language

This press release contains forward-looking statements based on current expectations and involves risks and uncertainties that may cause actual results to differ from those projected. For a discussion of factors which could cause actual results to differ materially from those in forward-looking statements, please refer to i2's recent filings with the SEC, particularly the Quarterly Report on Form 10-Q filed May 9, 2007 and the Annual Report on Form 10-K filed March 30, 2007. i2 expressly disclaims any current intention to update the forward-looking information contained in this news release.
COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jul 31, 2007
Words:459
Previous Article:Merz Pharmaceuticals, LLC Responds to NAD Opinion.
Next Article:Swarmcast Live Optimizes Internet Video for Major Sports and Entertainment Events.
Topics:


Related Articles
Dumann Realty.
Kenneth Breslin, president of Breslin Realty Development Group, Garden City, New York, announced the following transactions.
Year's biggest deal inked in Monmouth.
The challenge of global accounting convergence.
On money and the concentration of power.
ALL THE NEWS THAT'S FIT TO SPOOF GETTING A CLOSER LOOK AT GEORGE W.
Joseph S. Pontoski named FSCT Executive Director.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters