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Unisys CEO to step down

IT services provider begins search for new chief executive as the company struggles to shore up its declining revenue.

IT services provider Unisys announced Tuesday it has begun a search for a new CEO, as the company struggles to right its operations.

Joseph McGrath, who has served as the CEO for the past three years, will step down by year's end. He will, however, continue to oversee the company's daily operations until a successor is found.

"On behalf of the board, I would like to thank Joe for his nine years of loyal service to the company. We wish him well in his future endeavors," Henry Duques, Unisys' chairman, said in a statement.

Unisys was up 2 percent in early morning trading to $3.22 a share, following the news.

Throughout most of the year, Unisys' stock has languished below $5 a share, as the company has struggled to overcome declining revenue.

Unisys posted a 3 percent revenue decline in both its first and second quarters and finished last year with an overall revenue drop of 2 percent.

A pullback by customers in the financial services industry, a drop in IT spending, and delayed government orders have contributed to the company's woes, according to its quarterly reports.