Unisys chief to step down
Published: 24 Sep 2008 10:25 BST
IT services provider Unisys announced on Tuesday that it has begun a search for a new chief executive, as the company struggles to right its operations.
Joseph McGrath, who has served as chief executive for the past three years, will step down by the 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," Unisys chairman Henry Duques said in a statement.
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Unisys was up two percent in early morning trading to $3.22 (£1.73) a share, following the news.
Throughout most of the year, Unisys's stock has languished below $5 a share, as the company has struggled to overcome declining revenue.
Unisys posted a three percent revenue decline in both its first and second quarters and finished last year with an overall revenue drop of two percent.
A drop in IT spending and delayed government orders have contributed to the company's woes, according to its quarterly reports.
Credit: Unisys CEO to step down from CNET News
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