Mark J. Barrenechea Resigns as CEO of SGI, Ronald D. Verdoorn Named Interim CEO
Fremont, Calif. — December 14, 2011 — SGI's (NASDAQ: SGI) Board of Directors today announced that Mark J. Barrenechea has tendered his resignation as president, chief executive officer and member of the Board of Directors, effective January 1, 2012. Ronald D. Verdoorn, chairman of the Board of Directors, will serve as interim CEO while the board conducts a search for a new CEO. Mr. Barrenechea will join a global enterprise software company as President and CEO.
"We are thankful for Mark's leadership over the past five years as the company has undergone a successful transformation and achieved profitability," said Mr. Verdoorn. "We wish Mark the best in the next phase of his career."
"SGI will continue its strategic focus on growing revenues and maintaining profitability," Mr. Verdoorn added. "On December 7th, we reaffirmed our fiscal year 2012 guidance, and Mark's departure does not change that guidance."
"I am proud of our accomplishments over the past five years as we have transformed SGI and taken the lead in Technical Computing," said Mr. Barrenechea. "I am sincerely grateful for the support I've received from the Board of Directors, our customers and our employees. SGI is well positioned and on a clear path to $1B in revenue. While I am transitioning as CEO, I will remain a fan and shareholder of SGI."
Gary A. Griffiths, the chair of the Nominating and Governance board committee, is leading the search for Mr. Barrenechea's replacement and has engaged the executive search firm Spencer Stuart to assist.
Ogilvy Public Relations
Ron MaySGI Public Relations
Ben LiaoSGI Investor Relations
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