i2 Announces Resignation of Michael E. McGrath as President and CEO.
DALLAS -- i2 Technologies, Inc. (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 : ITWO ITWO I2 Technologies (stock abbreviation, AMEX) ) today announced the resignation of Michael E. McGrath as president and chief executive officer (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. ), 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 Sanjiv Sidhu is the founder and chairman of i2 Technologies, originally named Intellection. The son of a chemical engineer from India left the safety of his lab job at Texas Instruments in 1988 to start i2 Technologies out of his apartment with no venture capital. . "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.
i2 helps business leaders make better supply chain decisions. i2's flexible new-generation solutions are designed to synchronize See synchronization. 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 (1) (Adaptive Multi-Rate) A variable rate speech codec selected by the 3GPP for the 3G evolution of the GSM cellphone system (WCDMA). Using the Algebraic CELP (ACELP) compression technology, AMR provides toll quality sound at transmission rates from 4.75 to 12. 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 forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Form 10-Q
See 10-Q. filed May 9, 2007 and the 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.
See 10-K. filed March 30, 2007. i2 expressly disclaims any current intention to update the forward-looking information contained in this news release.