Atlanta-based fintech vendor S1 Corporation has named Johann Dreyer, former group president of its Postilion business unit, as its new president and chief executive. News of the appointment comes as the vendor reports a profit in the third quarter after recording a windfall on the sale of its FRS business.
For the past year Dreyer has been group president of S1's Postilion business unit, which includes ATM and PoS technologies.
He joined the firm nearly two years ago when S1 acquired Mosaic Software, where he was founder and served as CEO of the business.
Dreyer's appointment follows the resignation last month of James Mahan who stepped down from the company following a "strategic review" of the business, which was instigated in response to demands earlier this year from unhappy investors for the firm to go on the chopping block.
S1 has now established a committee charged with assisting management in improving the company's financial performance.
News of Dreyer's appointment comes as the vendor reports third quarter net income of $33.3 million, compared to a loss of $7.5 million last year, although this year's result includes a $31.5 million gain on sale of the vendor's FRS business in discontinued operations. Revenue for the third quarter was $51.9 million, up from $42.4 million in Q3 2005.
John Spiegel, chairman of the board, S1, says: "The positive third quarter results reflect the continued progress S1 is making against its stated business goals."