Emergent Information Technologies loses CEO

Jan. 2, 2002 4:43 p.m. PT

Emergent Information Technologies announced late Thursday that CEO Michael Piriano has resigned from the software developer to pursue other interests.

Emergent Information Technologies (Nasdaq: EITI) shares closed up 1/16 to 2 7/16 ahead of the announcement.

Chairman Steven Myers will serve as interim president and CEO, with Ajay Patel continuing as executive vice president and chief operating officer.

"Michael helped us grow Emergent to a more than $100 million a year company," Myers said in a prepared release. "We wish him all the best in his new ventures."

In its latest quarter, EITI posted a profit of $442,000, or 3 cents a share, on sales of $32.4 million.

There is no First Call Corp. consensus estimate for it this quarter.

Its shares fell to a 52-week low of 2 1/16 in July after peaking at 8 3/4 in September.>