Business
Sylogist to transition leadership, as CEO plans retirement at fiscal year end; undertakes strategic review
Sylogist to transition leadership, as CEO plans retirement at fiscal year end; undertakes ...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\nSylogist to transition leadership, as CEO plans retirement at fiscal year end; undertakes strategic review\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 12, 2020\n\n\n\n/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n CALGARY, March 12, 2020 /CNW/ - Sylogist Ltd. (TSXV:SYZ) (\"Sylogist\" or the \"Company\") advises that Jim Wilson has announced his retirement as President & Chief Executive Officer of the Company to be effective at the end of the Company's fiscal year, being September 30, 2020.  \n\n \n \n \n \n \n \n\n \nMr. Wilson has served Sylogist for over 17 years.  During his tenure, the Company increased its market value more than a thousand fold and its share price more than 350 fold.  Sylogist has been transformed from a money-losing, project-based reseller of third party software to a highly profitable, Software-as-a-Service organization, owning its intellectual property and generating the vast majority of its business from stable and recurring revenue agreements with over 1500 public sector and private sector organizations.  In addition to share performance, during the past 10 years, Sylogist has returned over $90 million to shareholders in dividends and share repurchases.\nThe Board of Directors commented \"This is an appropriate time to transition leadership of the Company and to build an aggressive growth strategy for the next decade based upon the solid foundation laid under Mr. Wilson's leadership.  Sylogist is extremely well positioned, with recurring and accelerating cash flow, highly satisfied customers and a suite of modern, proven technology that targets a large public sector marketplace.  Armed with a well established operational footprint in North America and a strong balance sheet, the Company is poised for growth, both organically and by acquisition.\" \nThe Company is indebted to Mr. Wilson who has dedicated many years of service contributing to the remarkable success of the business.  We t...