Press Release
BISYS' Board Appoints Sheehan CEO; Mangum Continues As Chairman
NEW YORK, NY., October 30, 2002 -- The BISYS Group, Inc. today announced that effective January 1, 2003, Dennis R. Sheehan, 47, the company's current President and Chief Operating Officer will assume the position of Chief Executive Officer of the company.
For the remainder of 2002, Lynn J. Mangum, 60, will continue in his current role as BISYS' Chairman and Chief Executive Officer. Beginning January 1, 2003, and continuing for a minimum of 18 months, Mr. 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 Mr. 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' succession planning strategy.
In announcing Mr. Sheehan's appointment, Mr. 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 Mr. 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."
Mr. 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, Mr. Sheehan has performed various executive roles, including Chief Financial Officer and his current position as President and Chief Operating Officer. Prior to joining BISYS, Mr. 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."
About BISYS
The BISYS Group, Inc., headquartered in New York City, provides business process outsourcing solutions that enable investment firms, insurance companies, and banks to capitalize on convergence by entering new segments of the financial services industry. BISYS currently supports more than 20,000 domestic and international financial institutions and corporate clients through three business units. Its Investment Services group provides administration and distribution services for more than 350 clients, representing more than 1,900 mutual funds, hedge funds, private equity funds, and other alternative investment products with more than $560 billion in assets. BISYS' largest group also provides retirement services to approximately 15,000 companies in partnership with 38 of the nation's leading banks and investment management companies, and offers analytical research and competitive intelligence through its Financial Research Corporation (FRC) subsidiary. Through its Insurance and Education Services group, BISYS is the nation's leading independent distributor of life insurance and the premier provider of the support services required to sell traditional and variable life, annuity, long-term care, and disability products. BISYS' fastest growing group also offers more than 250 certification and continuing education training courses for insurance and investment professionals, and provides a sophisticated suite of licensing-related products and services. BISYS' Information Services group provides information processing and imaging solutions to more than 1,150 financial institutions, and asset retention solutions to more than 120 insurance companies. Additional information is available at http://www.bisys.com.
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