As Unisys takes a long-awaited trip down the road of financial turnaround, the computer hardware- and server-manufacturer named a new chairman, chief executive, and president. Lawrence A. Weinbach, 57, will take the wheel as of today, after recently having retired from Andersen Worldwide as CEO.
Unisys' shares rose as high as 4.4 percent in morning trading, to 11-3/4, up 1/2 from yesterday's close.
Weinbach replaces James Unruh, who announced in June that he would step down after a seven-year stint at the company.
Unisys saw its revenues slide to $6.37 billion last year, from $8.42 billion in 1992. But the company increased its year-over-year revenue growth during the past two quarters and has posted five consecutive quarters of profits. It reported second-quarter revenues of $1.58 billion and net earnings of $41.9 million for the period ending June 30.
Weinbach, CEO at Andersen Worldwide for eight years, pushed revenues to more than $11 billion this year, from $2.3 billion in 1988. And Andersen's presence overseas jumped to 80 countries from 39 in the same period.
"[Weinbach] 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," said Kenneth Macke, chairman of Unisys' search committee, in a statement.
Meanwhile, Weinbach, in his own statement, characterized his role as one in which he will build on the company's current momentum.
And he noted that the company is on track to meet its goal of turning a profit for the year.
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