CA, Inc., today announced that John A. Swainson, chief executive officer, plans to retire from the Company on December 31, 2009. Or earlier, if they can find a suitable successor. A committee of the Company’s Board of Directors has been formed to begin an immediate search for a replacement.
Swainson will remain CEO and a director of the Company during the transition and plans to step down as a member of the Board of Directors effective upon his retirement from CA.
To assist in the transition, the CA Board of Directors has named William E. McCracken, previously non-executive Chairman of the Board, as the Company’s interim-executive Chairman of the Board until a successor for Swainson is named, or at the discretion of the Board
Severance costs are expected to be around $14 million. Shares in the organisation closed at $20.87 on September 3rd.
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