Mike Lawrie was previously a general partner with ValueAct Capital, a private investment firm headquartered in San Francisco, CA.  Prior to joining ValueAct, he was Chief Executive of Siebel Systems, the international software and solutions company, from 2004 -2005. 

Mike spent 27 years with IBM where he rose to become Senior Vice President and Group Executive, Sales and Distribution, one of the company’s most senior executives.  From 1998 - 2001 he was responsible for all of IBM’s EMEA operations, based in Paris.  From 1995-97, he led aspects of IBM’s business operations in Asia Pacific, based in Tokyo.

Sir Dominic Cadbury, Misys plc Chairman said: “We are extremely pleased to have secured someone of Mike’s calibre who brings with him both software and services expertise and a substantial track record.  His significant experience of refocusing international organisations and driving operational excellence across complex businesses will be invaluable to take Misys forward.“  

Mike Lawrie commented: “I am very excited to be joining Misys and taking on the challenge of returning it to levels of sustained growth and success.  Misys is very well established in its markets, has a great range of valuable products, an enviable client list and a very talented workforce.  My task will be to leverage these assets and provide strategic direction to help the Company drive value for shareholders, customers and employees.”

Mike Lawrie is a Director of Symbol Technology, Inc and Good Technology, Inc.  He previously served on the US Advisory Board of NTT DoCoMo and as a Director of SSA Global, Inc.  He is a Trustee of Ohio University. 

Mike Lawrie will receive a remuneration package that has been designed to align his financial reward directly with the performance of Misys and the interests of its shareholders.  Information about Mike's remuneration package, his career history and ValueAct appear in the notes to this announcement.

Other than as set out in this announcement, no additional information is required to be disclosed pursuant to Listing Rule 9.6.13.

The principle behind Mike Lawrie’s remuneration package is to align his financial reward directly with the performance of Misys and the interests of its shareholders.  His awards are consistent with best practice and provide a strong and direct link to the restoration of value to shareholders.  There is no payment under the incentive plan unless the share price increases.

In a further move to strengthen the direct link between the interests of the Chief Executive and those of shareholders, in terms of value creation, Mike Lawrie will invest £500,000 of his own money in Misys shares.

Mike’s base salary will be £550,000 per annum, subject to annual review.  There will be a maximum annual bonus opportunity of up to 200% of salary, which will be pro-rated for the first year in line with the employment period.  The bonus for the financial year of appointment will be based on Group Operating Profit.  Targets for future awards will be established by the Remuneration Committee at the commencement of each financial year and will be based on an appropriate mix of financial and business objectives.  In line with the arrangements for other executive directors, up to 50% of his bonus will be deferred into Misys shares for two years, subject to continued employment.

On joining, Mike Lawrie will be made a one-off award under the Transformation Incentive Plan as follows:

• As set out above, Mike Lawrie will invest £500,000 in Misys shares which must be retained over the performance period.

• In return, he will be made a matching award of:

- share options with a face value of 4 x the personal investment; and
- performance shares with a face value of 4 x the personal investment. 

• Awards will vest based on the extent to which the share price has increased over the period, based on the vesting schedule below.

With straight-line vesting between each point.

• The assessment of the extent to which the performance conditions have been met will be based on the highest average share price over a period of 20 consecutive trading days during the period. No portion of any award will vest unless the share price at the date of vesting is higher than the share price at the time the awards were made.

• Awards will vest on the fifth anniversary of the commencement of employment subject to the achievement of the share price targets above, with an opportunity for early vesting on the third and fourth anniversary to the extent to which the performance conditions have been met at these dates.

• There will be no further testing of awards following the fifth anniversary.

• Awards are contingent upon Mike Lawrie maintaining his level of personal investment over the performance period.  Unvested awards will lapse pro-rata to reflect any change in the level of investment held.

• Awards will be settled using shares purchased in the market or held in trust.

From June 2007, the annual long term incentive plans applicable to the existing executive directors will also apply to Mike Lawrie.

The Company will contribute 20% of base salary into pension arrangements. Mike Lawrie will be entitled to normal benefits (e.g. medical and life assurance).  He will also be entitled to certain benefits in relation to his relocation (e.g. accommodation and expatriate tax advice).

The notice period for Mike Lawrie is 12 months, although notice cannot be given by Misys in the first 6 months of his employment.

Information about ValueAct Capital

Mike Lawrie was previously a partner at ValueAct Capital, a private investment firm based in San Francisco, CA with approximately US$4.6 billion in assets.  ValueAct Capital may or may not make investments in Misys plc securities.

2005-Oct 2006                                     VA Partners, LLC
                                                                Partner

2004-2005                                             Siebel Systems inc
                                                                Chief Executive Officer

1977-2004                                             IBM corporation

2001-2004                                             Senior Vice President and Group Executive, Sales and Distribution

                                                                Responsibilities included IBM’s sales distribution operations worldwide,                                                                 including revenue, profit and customer satisfaction in more than 160                                                                      countries. In this role he led IBM’s 40,000 person direct sales force,                                                                  business partners and IBM.com channels, which account for                                                                                   worldwide  sales of all IBMproducts and services.

1998-2001                                            General Manager, IBM Europe, Middle East, Africa (Paris)

1997-1998                                            General Manager, Network Computing Division, US

1996-1997                                            General Manager, Industries, IBM, Asia Pacific, (Tokyo)

1995-1996                                            General Manager, Software IBM Asia Pacific, (Tokyo)

1992-1995                                            General Manager, Great Lakes Area, US

                                                               Prior to the 90s a range of marketing, operational and financial roles in IBM

Alex Dee
Tel: +44 (0) 20 7368 2336
Mob: +44 (0) 7989 017 979
Email: alex.dee@misys.co.uk

Susan Cottam                                                   Josh Rosenstock
Tel: +44 (0) 20 7368 2305                               Tel: +44 (0) 20 7368 2327
Mob: +44 (0) 7957 807 721                             Mob: +44 (0) 7921 910 914
Email: susan.cottam@misys.co.uk               Email: josh.rosenstock@misys.co.uk

About Misys plcMisys plc (FTSE: MSY.L), 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, combining technological expertise with in-depth understanding of customers’ markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world’s top 50 banks. In healthcare Misys is also a market leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to financial advisers in the UK. Misys employs around 6,000 people who serve customers in more than 120 countries. For more information, visit www.misys.com