IT services provider Unisys announced yesterday in the US it had begun a search for a new CEO, as the company struggles to right its operations.
Joseph McGrath
(Credit: Unisys)
Joseph McGrath, who has served as the CEO for the past three years, will step down by year's end. He will, however, continue to oversee the company's daily operations until a successor is found.
"On behalf of the board, I would like to thank Joe for his nine years of loyal service to the company. We wish him well in his future endeavors," Henry Duques, Unisys' chairman, said in a statement.
Unisys was up 2 per cent in early morning trading to US$3.22 a share, following the news.
Throughout most of the year, Unisys' stock has languished below US$5 a share, as the company has struggled to overcome declining revenue.
Unisys posted a 3 per cent revenue decline in both its first and second quarters and finished last year with an overall revenue drop of 2 percent.
A pullback by customers in the financial services industry, a drop in IT spending and delayed government orders have contributed to the company's woes, according to its quarterly reports.
