The company, a New York City-based business-process outsourcer for investment firms, insurance companies, and banks, announced in a news release that it had been informed by current CEO Dennis Sheehan that he needed to leave the job.
In a press release Sheehan stated, “Quite simply, I had an accident that has resulted in a medical condition that prevents me from serving long-term as CEO of the Company. Although my medical condition is not life threatening and has not and does not affect my ability to perform the day-to-day responsibilities of my position, my doctors have advised me that continuing an extended career as a senior executive of a public company with the related high degree of stress would not be in my long-term best interests. I looked forward to a long career with BISYS, and to working toward the long-term success of BISYS and its shareholders, and I am disappointed that I need to step down prematurely. I want to emphasize that my decision is completely unrelated to the recent earnings disappointments and I remain confident in our recently set financial guidance, and in the long-term prospects for the Company. I would like nothing better than to lead BISYS back to long-term revenue and earnings growth. I am committed and able to continue to serve as full-time CEO through the successful transition to my successor.”
The company said it hired Korn/Ferry International to help run the search to replace Sheehan, who joined the firm in 1995. Sheehan will continue to serve as President and CEO and as a member of the Board of Directors until a successor is named, after which he will continue to serve BISYS for a period of time in a transitional role.
BISYS’ largest group provides retirement plan services to more than 17,000 companies along with 40 banks and investment managers and offers analytical research and competitive intelligence through its Financial Research Corporation subsidiary.