The Dallas-based company, which recently warned of weaker sales to come, said Sidhu will continue in his role as chairman, advising the company on its long-term vision and strategy. Brady, who has served as i2's president since 1994, helped build the company's global sales and operations, and its aggressive acquisition strategy.
Brady has his eyes set on fueling i2's growth, the company said. But like many of its competitors challenged by the softening in technology spending, i2 has suffered from lackluster sales and has had to cut its work force to trim costs.
Just last month, i2, which makes software that helps companies better manage their suppliers and inventory cycles, laid off approximately 10 percent of its work force and warned that it would miss earnings estimates for its first quarter.
The company, which competes against players including Oracle, SAP, Ariba and Commerce One, cited delayed customer purchases for the miss in the quarter. It also recently said it expects total revenue growth for 2001 to be lower, in the range of 15 percent to 20 percent.
Earlier this week, rival Ariba named a new CEO to replace co-founder and chairman Keith Krach. Larry Mueller, formerly president and COO of Ariba, has taken over the top spot and focused on expanding Ariba's reach into specific industries and gearing its sales force, consultants and product-development efforts toward those targets.
New i2 CEO claims benefit from slowdown
Greg Brady, CEO, i2
Brady is also expected to become a member of i2's board, the company said.
Once a Wall Street darling, i2 has seen its stock plummet nearly 70 percent for the year to trade recently at around $17 per share. Shares have hit a 52-week high of $99.43 and a low of $12.56.