is hunting for a new CEO after the surprise resignation of Dennis R. Sheehan
today. Sheehan said he is stepping down for medical reasons. The New York Stock Exchange-traded company expects to have a new CEO in place this fiscal year.
Sheehan will continue to serve as president and CEO and as a member of the board of directors until the Bisys hires a new CEO. Bisys says it retained Korn/Ferry International to assist it in the executive search process.
Sheehan said that his condition is non-life threatening, although he did not reveal the exact nature of the problem. He added that his resignation is not related to the firm's shortfall in reported earnings for the past quarter.
"Quite simply, I had an accident that has resulted in a medical condition that prevents me from serving long-term as CEO of the Company," he said in a statement. "Although my medical condition is not life threatening and has not and does not affect my ability to perform the day-to-day responsibilities of my position, my doctors have advised me that continuing an extended career as a senior executive of a public company with the related high degree of stress would not be in my long-term best interests."
Sheehan joined Bisys in 1995 when it acquired Concord Holding Company. The 48-year-old executive took over the CEO mantle from Lynn J. Mangum at the start of 2003. Prior to that he was president and chief operating officer for the company.
Mangum, who remains chairman, expressed disappointment that Sheehan will not be able to continue the long career with Bisys that he expected. "We will miss his strong leadership capabilities and strategic vision," said Mangum,
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