Pomeroy Terminates President/Chief Executive Officer
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Pomeroy IT Solutions, Inc. (NASDAQ:PMRY) today announced that on July 3,
2007, following a review by independent counsel, its Board of Directors
terminated Stephen E. Pomeroy as the Company’s
President and Chief Executive Officer. In addition, Mr. Pomeroy’s
employment was terminated in accordance with the terms of his employment
agreement. The terminations were due to certain conduct and actions of
Mr. Pomeroy none of which involved any financial impropriety or illegal
actions.
The Board appointed Kevin G. Gregory, 44, as President and Chief
Executive Officer of the Company for an interim period, with a term
commencing on July 3, 2007. Mr. Gregory will continue to serve as the
Company’s Chief Financial Officer.
The Company’s core management team remains
intact and is dedicated to the Company’s goals
and mission. The Board of Directors is commencing an executive search to
choose a permanent President and Chief Executive Officer of the Company.
About Pomeroy IT Solutions
As an international technology services provider, Pomeroy IT Solutions
unites core competencies in IT Outsourcing and Professional Services to
deliver and simplify comprehensive outsourcing, application development,
integration services, and sourcing solutions through the disciplines of
Six-Sigma, program and project management, and industry best practices.
Pomeroy's consultative approach and adaptive methodology enable Fortune
1000 corporations, government entities, and mid market clients to
realize their business goals and objectives by leveraging information
technology to simplify complexities, increase productivity, reduce
costs, and improve profitability. For more information go to www.pomeroy.com
Forward-Looking Statements
Certain of the statements in the preceding paragraphs regarding
financial results constitute forward-looking statements. These
statements relate to future events or our future financial performance
and involve known and unknown risks, uncertainties and other factors
that may cause our markets’ actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by such forward looking statements.
These risks and other factors you should specifically consider include
but are not limited to: changes in customer demands or industry
standards, adverse or uncertain economic conditions, loss of key
personnel, litigation, failure or inability of the customer to renew the
contract, the nature and volume of products and services anticipated to
be delivered, the mix of the products and services businesses, the type
of services delivered, the ability to timely bill and collect
receivables, the need to successfully attract and retain outside
consulting services, new acquisitions by the Company, terms of vendor
agreements and certification programs and the assumptions regarding the
ability to perform thereunder, the ability to implement the Company’s
best practices strategies, the ability to manage risks associated with
customer projects, existing market and competitive conditions including
the overall demand for IT products and services, and the ability to
attract and retain technical and other highly skilled personnel. In some
cases, you can identify forward-looking statements by such terminology
such as "may”, "should”,
"expects”, "plans”,
"anticipates”, "believes”,
"estimates”, "predicts”,
"potential”, "continue”,
"projects”, "intends”,
"prospects”, "priorities”,
or negative of such terms or other comparable terminology. These
statements are only predictions. Actual events or results may differ
materially.