- Strong signs for push-out forces
- After almost five years on the job
- Laud, praise and thanks for him
- Search for a successor
(management-change.com) — Alpharetta, Georgia, October 26, 2016 — Jim Dennedy, chief executive of Agilysys, leaves. As announced by Agilysys, Inc. in a news release on Wednesday, October 26, 2016, James H. (Jim) Dennedy leaves the post as Chief Executive Officer at the provider of hospitality software in a surprising move after almost five years on the job. Dennedy will continue to serve as CEO until the appointment of his successor.
Agilysys will undertake a search for a successor.
Separately, Agilysys announced that CFO Janine Seebeck is resigning from her position effective November 18, 2016.
“Next stage of the Company’s growth”
Dennedy’s departure is explained as follows. Agilysys “has initiated a search process to identify a successor CEO to lead the next stage of the Company’s growth,” the company said.
Precise information about the future plans of Dennedy was not immediately available.
MAK Capital One holds 30.76 percent stake
MAK Capital One LLC reported a 30.76 percent stake in Agilysys, Inc. as of June 30, 2016. MAK Capital One is a New York-based hedge fund that was founded by Michael Kaufman in 2002.
Chaired by Michael Kaufman
Agilysys, Inc. is chaired by Michael Kaufman.
Kaufman is president of MAK Capital.
On the job as CEO since 2011
Dennedy has been the President and Chief Executive Officer at Agilysys Inc. since November 09, 2011.
Dennedy was appointed to the Company’s Board of Directors in June 2009. He served on the audit committee and on the Company’s special committee that oversaw the sale of TSG.
Prior to his appointment as president and CEO, Dennedy was a principal and chief investment officer of a New York-based hedge fund focused on small and microcap investments.
Prior to that, Dennedy was president and chief executive officer of Engyro Corporation, an enterprise software company that provided IT systems management interoperability solutions.
He served as a public company director at NaviSite, Inc., where he was chair of the audit committee and a member of the compensation committee.
He also was a director of I-many, Inc., and Entrust, Inc.
Generally speaking, when a top manager announces to step down with no successor in place, it is a signal that the move was unplanned and too early.
Strong signs for push-out forces
It is not completely certain what forces eventually triggered Jim Dennedy’s move.
The Push-out Score™ determined by management-change.com suggests strong signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 40.2016 ($).