Misys plc Announces Board Changes and Confirms Focus on Core Markets
Misys plc, the global software and solutions company, today announces that the roles of Chairman and Chief Executive have been separated and that the Board has appointed Sir Dominic Cadbury, currently Senior Independent Director, as non-executive Chairman with immediate effect. Kevin Lomax continues as Chief Executive.
The Board’s Nomination Committee will shortly begin the search for Sir Dominic’s long-term successor as non-executive Chairman, a process which will be led by Sir Dominic and which is expected to take some months.
As a consequence of these changes, John Ormerod will serve as both Senior Independent Director and Audit Committee Chair.
The Board has also appointed John G. King, who has over 30 years’ experience of the US healthcare industry, as a non-executive Director with immediate effect. (See separate announcement issued today for details.)
Sir Dominic Cadbury said: “I am delighted to step up to the Chairmanship for this period. This will increase my day-to-day involvement in Misys and enable me to provide full support to Kevin Lomax and his team as they work to develop the full potential of the business and create value for shareholders.
“Misys has great opportunities in the banking and healthcare software markets. The Board believes that continued investment in the company’s strong position in both these markets over the long term is the best way to create value for shareholders.
“I am also extremely pleased to welcome John King as a non-executive director. His long career in a range of major US healthcare organisations will add a valuable depth of healthcare experience and expertise to the Board. ”
Kevin Lomax said: “The separation of my roles now is right for Misys. I am fully committed to the business and focused on delivering our strategy, building on our strong position in our core markets and growing the business further.”
Consistent with the company’s focus on the major software markets of banking and healthcare, the Board is considering options for realising shareholder value from the company’s general insurance business. The sales process for Sesame is under way and an Information Memorandum on the business has recently been issued to interested parties. Misys does not expect to issue any further statement on these matters before its interim results.
Consistent with the company’s focus on the major software markets of banking and healthcare, the Board is considering options for realising shareholder value from the company’s general insurance business. The sales process for Sesame is under way and an Information Memorandum on the business has recently been issued to interested parties. Misys does not expect to issue any further statement on these matters before its interim results.
A conference call for analysts and investors, chaired by Sir Dominic Cadbury, Chairman, will be held at 14.30hrs today. To access this call dial +44 (0) 208 974 7950, passcode 563272#. If you are in the United States please dial 718 354 1176, passcode 563272#.
The call will be available for replay on +44 (0) 1296 618 700, passcode 569952#, until 15.00hrs UK time on 13 November 2005.
For further information, please contact:
Susan Cottam, Group Communications Director
Tel: +44 (0) 20 7368 2305
Mob: +44 (0) 7957 807 721
Tel: +44 (0) 20 7368 2305
Mob: +44 (0) 7957 807 721
Andrew Farmer, Head of Investor Relations
Tel: +44 (0) 20 7368 2307
Mob: +44(0) 7909 895 094
Tel: +44 (0) 20 7368 2307
Mob: +44(0) 7909 895 094
Josh Rosenstock, Corporate Communications Manager
Tel: +44 (0) 20 7368 2327
Mob: +44 (0) 7921 910 914
Tel: +44 (0) 20 7368 2327
Mob: +44 (0) 7921 910 914
About Misys plc
Misys plc (FTSE: MSY), the global software company, is one of the world’s largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries and the UK general insurance industry, combining technological expertise with in-depth understanding of customers’ markets and operational needs. In banking Misys is one of the top four software providers worldwide and the largest outside the US, with over 1,200 customers, including 49 of the world’s top 50 banks. In healthcare Misys is a top five software provider in the US market, serving more than 92,000 physicians in 18,000 practice locations, 1,250 hospitals and 600 home care providers. In UK general insurance Misys is the market leader in software solutions. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to over 8,000 financial advisers in the UK. Misys employs over 6,500 people who serve customers in more than 120 countries. For more information, visit www.misys.com
Misys plc (FTSE: MSY), the global software company, is one of the world’s largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries and the UK general insurance industry, combining technological expertise with in-depth understanding of customers’ markets and operational needs. In banking Misys is one of the top four software providers worldwide and the largest outside the US, with over 1,200 customers, including 49 of the world’s top 50 banks. In healthcare Misys is a top five software provider in the US market, serving more than 92,000 physicians in 18,000 practice locations, 1,250 hospitals and 600 home care providers. In UK general insurance Misys is the market leader in software solutions. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to over 8,000 financial advisers in the UK. Misys employs over 6,500 people who serve customers in more than 120 countries. For more information, visit www.misys.com
