Pegasystems Appoints Christopher J. Sullivan as Chief Financial Officer; James O'Halloran to Retire, Continue Role on Board of Directors
CAMBRIDGE, Mass., Aug. 2, 2001 — Pegasystems Inc. (NASDAQ: PEGA) today announced that Christopher J. Sullivan has been named treasurer, Senior Vice President and Chief Financial Officer. James O'Halloran will retire as CFO, consistent with plans he expressed last year, and will maintain his role on the company's Board of Directors. O'Halloran will remain with the company through August to assist with a smooth and complete transition.
"Jim has worked to build the finance organization for Pegasystems. Through his influence, guidance and strategic overview, I believe Pegasystems is well-positioned for long-term growth and profitability," said Rick Jones, President and COO, Pegasystems. "We will continue to benefit from his knowledge and experience on our Board of Directors and look forward to his ongoing involvement."
"The executive team is thankful for the leadership Jim provided to Pegasystems," added Alan Trefler, founder and CEO, Pegasystems. "We wish him all the best in his well-deserved retirement."
Sullivan brings to Pegasystems more than 20 years of experience in creating financial strategies for technology companies. He joins the Pegasystems executive team having served most recently as CFO at Event Zero, an IT consulting business, and AMS Holding Group, a multi-million dollar software and information services provider to the insurance industry. Sullivan has also held executive finance positions at Digital Equipment Corporation, Compaq and Fisher Scientific International, Inc. He holds a B.S. and M.B.A. from Babson College.
"We were immediately impressed with Chris' track record of helping increase shareholder value, drive cost efficient operations and focus on profitable growth," said Jones. "We are confident that Chris' leadership and financial expertise will help us in seeking to achieve both our short and long-term business and financial goals."
"I'm both honored and excited to have the opportunity to provide financial leadership to this company," said Sullivan. "Pegasystems has all the ingredients for success with its world-class customer base, superior technology, solid position in the CRM market and future growth potential. I'm impressed with the strong management team and look forward to working with them."
Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements involve various risks and uncertainties which could cause the Company's actual results to differ from those expressed in such forward-looking statements. These risks and uncertainties include the impact of pending regulatory proceedings, difficulty in predicting the completion of product implementations and consequently the timing of revenue recognition, the inability to attract and retain key employees, reliance on key third-party relationships, management of the Company's growth, and other risks and uncertainties. Further information regarding these and other factors which could cause the Company's actual results to differ materially from any forward-looking statements contained in this press release is contained in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2001 on file with the Securities and Exchange Commission.