PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
Peter Altabef will succeed A.L. “Tom” Giannopoulos.
Columbia, MD – December 3, 2012—MICROS Systems, Inc. (NASDAQ: MCRS), a leading provider of information technology solutions for the hospitality and retail industries, today announced that its Board of Directors has elected Peter Altabef to succeed A.L. “Tom” Giannopoulos as MICROS’ President and Chief Executive Officer, effective January 2, 2013. Mr. Giannopoulos, who has served as the Company’s CEO since 1993, will continue his duties as executive chairman of the Company during the period of his employment, which extends to June 30, 2014. After Mr. Giannopoulos retires, the Board intends to appoint a non-executive independent chairperson. The Board has also expanded from 6 to 7 directors, and Mr. Altabef will be appointed a director, effective January 2, 2013.
Mr. Altabef, 53 years old, served as President and Chief Executive Officer of Perot Systems from 2004 until 2009, when Perot Systems was acquired by Dell, Inc. Perot Systems was a $2.8 billion company that provided technology solutions to many multi-national companies throughout the world. Upon Dell’s acquisition of Perot Systems, Mr. Altabef served as President of Dell Services until his departure in 2011.
“Under Mr. Giannopoulos’ steady leadership, MICROS has prospered and thrived for two decades, and remains firmly positioned as an innovator and leader in the industries we serve,” stated John J. Puente, MICROS Director and Chairman of the Compensation and Nominating Committee of the Board of Directors. “With this transition, Mr. Giannopoulos will continue to provide executive leadership and direction for MICROS, while allowing Mr. Altabef to assume daily operational responsibilities with the existing MICROS executive team. We welcome to MICROS Mr. Altabef, who has a long and distinguished history overseeing thriving technology organizations.”
“It has been a great pleasure and privilege to lead MICROS as Chief Executive Officer over the past twenty years. In this two-decade period, MICROS has grown from a small, boutique hardware purveyor to the restaurant industry to one of the world’s most dynamic and innovative technology solution providers to the global restaurant, hotel and retail marketplaces,” stated Mr. Giannopoulos. “I am most proud of the deep and enduring relationships I have developed with many of our valued employees and clients, and believe the Company remains in excellent hands with Mr. Altabef and our tenured strong management team.”
“I am very honored and proud to have been selected as MICROS’ new President and Chief Executive Officer,” added Mr. Altabef. “I am most excited about working with Mr. Giannopoulos and the very talented executive management team he has assembled. I am confident that we can continue to grow the Company, whose foundations are strong and deep, and whose innovation in the markets we serve is unparalleled.”
About MICROS Systems, Inc.
MICROS Systems, Inc. provides enterprise applications for the hospitality and retail industries worldwide. Over 370,000 MICROS systems are currently installed in table and quick service restaurants, hotels, motels, casinos, leisure and entertainment, and retail operations in more than 180 countries, and on all seven continents. In addition, MICROS provides property management systems, central reservation and customer information solutions for more than 30,000 hotels worldwide, as well as point-of-sale, loss prevention, and cross-channel functionality for more than 150,000 retail stores worldwide and 17,000 Fuel and Convenience stores. MICROS stock is traded through NASDAQ under the symbol MCRS.
For more information on MICROS and its advanced information technology solutions for the hospitality and retail industries, please contact Louise Casamento, Vice President of Marketing at (443) 285-8144 or (866) 287-4736. You can also visit the MICROS website at www.micros.com or send an email to firstname.lastname@example.org. Follow MICROS on Facebook, LinkedIn, YouTube, and the MICROS Blog.