11 December 2017
visit www.aciworldwide.com

S1 chief James Mahan steps down

23 October 2006  |  4765 views  |  0 s1

Struggling US fintech vendor S1 Corporation says its founder, chairman and chief executive James Mahan has retired from the company following a "strategic review" of the business.

S1 said in May that it was exploring "strategic alternatives to maximise shareholder value" following demands from unhappy investors to put itself up for sale.

In a letter to Mahan in April a group of investors led by New York-based Ramius Capital, which collectively own a 7.2% share in S1, had called for the sale of the underperforming business. S1 initially rejected the demands in favour of following a new business plan focused on long-term shareholder gains, but the vendor later agreed to explore alternatives.

In today's statement S1 says Mahan had retired from the company. Mahan was named CEO in July 2005, replacing Jaime Ellertson. He had originally served as CEO from 1995 through to 2000 before being replaced by Ellertson.

S1 says director John Spiegel has been elected chairman and it plans to start the search for a new chief executive immediately.

Says Spiegel: "We will remain focused on creating, developing and implementing the best possible products and services to support our customers. We understand our goal and responsibility to maximise value for our shareholders."

He says the board has established a new committee, chaired by Gregory Owens that has been charged with assisting management in improving the company's financial performance.

The vendor also says its board has authorised a "Dutch auction" repurchase of about 15% of S1's outstanding common stock. Based on current market conditions, the buyback is valued at $55 million, at a range of $4.75 to $5.25 a share.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

S1 sells off FRS subsidiary

S1 sells off FRS subsidiary

14 August 2006  |  5925 views  |  0 comments
S1 agrees to explore sale

S1 agrees to explore sale

03 May 2006  |  5628 views  |  0 comments
Investor group calls for S1 sale

Investor group calls for S1 sale

31 March 2006  |  5633 views  |  0 comments
Bank of America and S1 win patent infringement suit

Bank of America and S1 win patent infringement suit

29 March 2006  |  7343 views  |  0 comments
S1 slides into the red

S1 slides into the red

02 March 2006  |  5908 views  |  0 comments
S1 sells Edify business to Intervoice

S1 sells Edify business to Intervoice

21 November 2005  |  6283 views  |  0 comments
S1 cuts jobs; warns of Q3 loss

S1 cuts jobs; warns of Q3 loss

17 October 2005  |  6688 views  |  0 comments
S1 names co-founder James Mahan CEO; releases Q2 outlook

S1 names co-founder James Mahan CEO; releases Q2 outlook

25 July 2005  |  5419 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.solutions.lexisnexis.comvisit www.response.ncr.com

Who is commenting?

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18419 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11333 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
7697 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6608 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
6013 views comments | 5 tweets | 12 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job