IBM veteran Clague promoted to President & CEO Of Covansys

By siliconindia   |   Thursday, 10 October 2002, 19:30 IST
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FARMINGTON HILLS: Covansys Corp. (Nasdaq:CVNS) named Martin C. Clague chief executive effective immediately, succeeding Ned C. Lautenbach, who had served as acting chief executive since November 2001. Clague, 59 years old, was named the company's president and chief operating officer on Jan. 1. He will retain his role as president, but the company hasn't indicated an intent to fill the chief operating officer role in the near future, a Covansys spokeswoman said. "I can think of no one better suited to assume the role of president and chief executive officer of Covansys than Marty Clague," said Lautenbach. "Marty has worked diligently this year to develop an improved infrastructure and growth strategy for Covansys. Largely as a result of his leadership, in the second quarter of 2002, Covansys announced the first improvement in sequential revenue growth in the past six quarters." "These are exciting times for Covansys," Clague said. "Despite the current economic downturn, Covansys has proven that it is well positioned for rapid growth. This quarter alone we announced an $83 million outsourcing project for SIRVA, an $11 million dollar public retirement system for the State of New Mexico and were selected by RouteOne, a joint venture established by DaimlerChrysler Services, Ford Motor Credit Company, GMAC and Toyota Financial Services, to design an online credit application management system. My goal as chief executive officer will be to build upon this foundation of satisfied customers to ensure our ability to grow our company as the market eventually improves." Lautenbach will continue in his roles as co-chairman of the board and chairman of the company's executive committee, Covansys said in a press release Wednesday.

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