i2 Technologies names Michael McGrath CEO to refocus the company
In a move to refocus and resize the company, supply chain technology provider i2 Technologies Inc. has named industry veteran and board member Michael E. McGrath to replace founder Sanjiv Sidhu as president and CEO. Sidhu remains chairman for now.
The move was not seen as long-term. I2 says it expects McGrath, who came out of retirement to replace Sidhu, to make way for a new CEO after taking several steps to building shareholder confidence while improving service to customers, securing profits, setting new growth opportunities and re-energizing employees. “His job is to come in and focus on these priorities,” a spokeswoman says. “Once he’s achieved them, we’ll look to bring in a new CEO.” I2 hasn’t said how long it expects McGrath to refocus the company.
Once he’s replaced by a new CEO, McGrath will assume the chairmanship, as Sidhu retires to serve as a board member and advisor to the company, the spokeswoman says.
The markets responded favorably to McGrath’s appointment in the first few days following the Feb. 28 announcement of his appointment. The company’s stock price shot up about 20% on March 2, to over $12 from about $10 on Feb. 28, but then moved down closer to $11 today.
With about 30 years in the supply chain technology business, McGrath is a co-founder and former chairman and CEO of technology consulting firm Pittiglio Rabin Todd & McGrath, where he initiated the firm’s product development consulting practice. In 1993, he developed the Supply-Chain Operations Reference-model, or SCOR, which is now an industry standard of the Supply Chain Council.
McGrath is also the founder and former chairman of IDe, a provider of development chain management technology. He has also written several books, including “Product Strategy for High-Technology Companies: How to Achieve Growth, Competitive Advantage and Increased Profits.”
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