BISYS announced today that from January 1, 2003, Dennis R. Sheehan, 47, the company’s current President and Chief Operating Officer will succeed company founder Lynn Mangum as Chief Executive Officer of the company.
Mangum, 60, will continue in his current role as BISYS’s Chairman and Chief Executive Officer till the end of the year. From January 1, 2003, and continuing for a minimum of 18 months, Mangum will be employed as Chairman of the BISYS Board of Directors, and will be directly engaged in corporate acquisition activities, European marketplace business development initiatives, and assisting Sheehan with strategic planning and overall guidance of the business. This change in executive responsibilities supports an orderly transition of leadership and is part of BISYS’s succession planning strategy.
In announcing Sheehan’s appointment, Mangum said, “We have a strong organization and leadership team that is well qualified to continue BISYS’ historical success. Dennis is a natural leader who embodies BISYS’ core values of strategic planning, hands-on management and personal commitment to service excellence. Since joining BISYS, Dennis’ leadership and vision have been critical to our financial success and diversified growth activities. Our Board of Directors is excited about Dennis’ appointment and I am committed to assisting Dennis in any way I can as he assumes his new responsibilities.”
“I am looking forward to the opportunity that the Board has presented to me,” said Sheehan. “BISYS’ organizational goals continue to be identifying and pursuing strategic marketplace opportunities, expanding the breadth of our client relationships, and increasing shareholder value. BISYS is well positioned for strong growth and financial performance, and to continue its tradition of providing innovative, value-added services to our clients.”
Mangum has been the guiding force behind BISYS since its formation in 1989 and has orchestrated BISYS’ evolution into a diversified service provider to the financial services industry. Since BISYS became a public company in 1992, the company has grown from annual revenues of $55 million into a New York Stock Exchange member with annual revenues approaching $1 billion.
“Lynn has done an outstanding job leading BISYS and developing the executive talent to ensure future organizational success,” said John Lyons, a BISYS Board member since 1992.
During his ten years with BISYS, Sheehan has performed various executive roles, including Chief Financial Officer and his current position as President and Chief Operating Officer. Prior to joining BISYS, Sheehan held executive management positions with Concord Holdings Corporation, The Equitable, and Paine Webber.
BISYS Board member and retired CEO of The Equitable, Joseph Melone stated, “It has been my good fortune to have worked extensively with Dennis at both BISYS and The Equitable. Dennis’ skills and experiences make him ideally qualified for the CEO position at BISYS.”