Unisys CEO to leave at end of year
Unisys Corp. Chief Executive Officer Joseph McGrath will resign by the end of the year as the company searches for a new leader, the Wall Street Journal reports
The Blue Bell, Pa., systems integration company said Tuesday McGrath agreed with its board that "a change in leadership would best enable Unisys to move forward." McGrath was unavailable for comment.
Unisys has been under attack by MMI Investments LP, a New York investment firm that holds about 9.1 percent of Unisys Stock. The investment firm has criticized the company since 2007 for "the seemingly continuous stream of management, operational and financial missteps."
Earlier this year two MMI representatives were added to Unisys' board. The investment firm declined to comment on McGrath's planned departure.
Also this year, Unisys retained Goldman Sachs & Co. to investigate alternatives for maximizing shareholder value. McGrath said in July that he expected results of the investigation to be announced by the end of the year.
Unisys ranks No. 26
on Washington Technology's 2008 Top 100 list
of the largest federal government prime contractors.