UK banking-to-healthcare software firm Misys has named IBM veteran Mike Lawrie as its new group chief executive. The appointment follows the resignation of company founder Kevin Lomax earlier this month.
Lawrie spent 27 years at IBM where he rose to become senior vice president and group executive, sales and distribution. From 1998 - 2001 he was responsible for all of IBM's Emea operations, based in Paris. From 1995-97, he led aspects of IBM's business operations in Asia Pacific, based in Tokyo.
He joins Misys after a short stint at ValueAct Capital, a San Francisco-based private investment firm, where he was a general partner.
Prior to ValueAct, Lawrie was chief executive of California CRM vendor Siebel Systems, but he lasted less than a year in the role and left the firm in April 2005. Siebel was acquired by Oracle five months later.
But commenting on the appointment, Misys chairman Dominic Cadbury says: "His (Lawrie's) significant experience of refocusing international organisations and driving operational excellence across complex businesses will be invaluable to take Misys forward."
Earlier this month Cadbury told Misys shareholders that the vendor's technology is not currently good enough to compete with products from its competitors in the banking and healthcare markets and had not "kept pace with the changing competitive products that are available in the industry".
Misys says Lawrie will take up his new position on 1 November 2006 and will receive a remuneration package that has been designed to align his financial reward directly with the performance of the company.
His base salary will be £550,000 per annum, with an annual bonus of up to 200%, based on group operating profit.
However the performance-related part of Lawrie's pay packet will be linked to the vendor's share price, rather than earnings.
Lawrie who cannot be fired by Misys for at least six months, is also investing £500,000 of his own cash in Misys shares, which the vendor will match with share options and performance shares.
Lawrie replaces Lomax, who founded Misys in 1979. Lomax stepped down earlier this month following the breakdown of takeover talks. Lomax was leading a consortium of Misys' directors to undertake a management buyout of the firm, but failed to table a formal offer.
Misys shares were up 3.10% to 195.50 pence on news of the appointment.