S1 Corporation (Nasdaq: SONE), a leading global provider of customer interaction financial and payment solutions, today announced that its Board of Directors has authorized an increase to its previously approved stock repurchase program that provides total authorization for the Company to purchase up to 4,000,000 shares of its common stock from time to time in open market and privately negotiated transactions, through block trades or otherwise, as market and business conditions warrant.
The Company will finance repurchases with available cash. Approximately $8 million remained available under the Company's prior authorization. The repurchase program may be modified or suspended at any time or from time to time, without prior notice, at the Company's discretion.
The Company also announced that Jeff Smith has resigned from the Company's Board of Directors effective immediately. "I enjoyed serving on the Board of S1 and am proud of all that the Company accomplished in a relatively short amount of time," commented Jeff Smith. "At this time, there are other opportunities which are demanding more of my attention and S1 is in extremely capable hands. S1 has a first-rate management team led by an outstanding CEO and a good, constructive and complementary Board of Directors."
"On behalf of the Board, I want to thank Jeff for his many contributions to the Company's success since he joined the Board in 2006," said John Spiegel, Chairman of the Board of S1 Corporation. "The Company has benefited greatly from Jeff's input and counsel and we wish him the best in his future endeavors."