Unisys Elects Lawrence A. Weinbach Chairman, President, and CEO
BLUE BELL, PA, September 23, 1997—Unisys Corporation Board of Directors announced today that Lawrence A. Weinbach, 57, former managing partner/chief executive of Andersen Worldwide (Arthur Andersen and Andersen Consulting), has been elected chairman, president, and chief executive officer, effective today.
Weinbach succeeds James A. Unruh, who announced in June his intention to step down.
Weinbach, who joined Arthur Andersen & Co. after graduation from The Wharton School of the University of Pennsylvania in 1961, announced at the beginning of 1997 that he would retire from Andersen in order to pursue a second career when his term as CEO of Andersen Worldwide ended in August 1997. He was named CEO of Andersen Worldwide in 1989 after serving as chief operating officer for two years. Under his eight-plus-year leadership, revenue more than quadrupled from $2.3 billion in 1988 to over $11 billion in 1997. The company expanded from 39 countries and 45,000 employees in 1989 to 80 countries and over 100,000 employees today.
Speaking for the Unisys Board of Directors, Kenneth Macke, chairman of the Search Committee, said: “After a thorough search and close examination of the leadership experience necessary to take Unisys to the next level, the Board selected Larry Weinbach as eminently qualified. He joins Unisys with an outstanding record of profitable growth as CEO and a reputation as a motivator, an incisive leader committed to direct involvement with clients, and a broad-based executive with a deep understanding of the information technology marketplace. The Board is confident that Larry can make a significant contribution to growing the company's revenue and earnings while expanding its customer base.”
“Unisys has a great future,” Weinbach said. “It is transforming itself to a services-led, technology-based information management company. That complex transformation has been difficult and Unisys has now turned the corner. Jim Unruh and his team have handled a difficult job with great professionalism. The company's momentum is clearly building. Unisys financial results have been improving steadily. The company's operating profit so far this year has tripled over the first six months of 1996, revenue is growing, and shareholder value is increasing. We are on track to meet our goals of achieving financial progress every quarter and full-year profitability.
“It is my job to build on that momentum and take Unisys to the next level of growth and financial strength,” Weinbach said. “That is something I've done at Andersen and, with the many unique strengths and capabilities that Unisys offers, I am confident it can be done here as well. In the coming months I plan to thoroughly immerse myself in this business. I will be visiting with customers, suppliers, and employees in our global operations to fully understand their needs. I will be looking for ways to improve execution and identify potential growth areas. This is a wonderful opportunity and I'm eager to get started.”
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