The Board of Directors of The BISYS Group, Inc. (NYSE:BSG), a leading provider of business process outsourcing solutions for the financial services sector, today announced that Russell P. Fradin, 48, will be joining BISYS as president and CEO, and as a member of its Board of Directors effective February 2, 2004.
Mr. Fradin is a veteran of the outsourcing services industry having recently served as president, Global Employer Services Group of Automatic Data Processing (ADP).
Lynn Mangum, chairman of the board, stated, "We are very pleased that Russ has accepted this position to lead the BISYS organization. Russ is an outstanding leader with a distinguished track record in the outsourcing services industry and has the personal characteristics that make him uniquely qualified to be BISYS' CEO. His strategic planning strengths, passion for our business, and reputation for setting and achieving high standards will serve BISYS' associates, clients, and shareholders well."
Mr. Fradin succeeds Dennis Sheehan who announced in October 2003 that he would ultimately need to step down as CEO for medical reasons. Mr. Mangum added, "We would like to thank Dennis for his significant contributions and years of dedicated service. Dennis' vision and leadership were instrumental in establishing and growing BISYS' strategic portfolio of businesses, and we wish him future success and good health."
Mr. Fradin said, "I am extremely excited to join BISYS at an important point in the company's development. BISYS has a strong, diversified business foundation, and is poised for continued growth and profitability. BISYS' management team has built a successful organization with market-leading businesses and loyal customers, and a talented employee base committed to excellence. I look forward to the challenge of leading BISYS to renewed long-term growth in revenues and earnings, and superior returns for its shareholders."
Before joining BISYS, Mr. Fradin served as a senior executive with Automatic Data Processing for seven years, most recently as president of ADP's Global Employer Services Group. During his leadership tenure at ADP, Employer Services' revenue grew from $2.7 billion to $4.5 billion and the business diversified significantly beyond its traditional payroll processing services.
Prior to ADP, Mr. Fradin was a director at McKinsey and Company Inc., a leading global management consulting firm. At McKinsey, he was responsible for providing a wide range of Fortune 500 clients with strategic advice on identifying and executing winning business strategies, with a special emphasis on new product and service innovations.
Mr. Fradin was awarded a B.S. degree in economics from the University of Pennsylvania, Wharton School of Business; and a M.B.A. degree from the Harvard Business School.