16 April 2002 Greg Brady has resigned as CEO of supply chain management (SCM) software vendor i2 on the day the company is to report its first quarter results.
I2 says Brady, 41 years old, resigned for personal reasons, but will remain with the company as a director. Sanjiv Sidhu, the company’s chairman and founder, will take on the role of CEO.
Brady – a former Oracle executive – has been with i2 since 1994 when he was appointed company president, and was promoted to CEO in early May 2001. Brady did not provide details of his future plans.
Since his appointment as CEO, i2 has experienced a difficult 12 months. At one point in 2001, its stock plunged to such depths that analysts questioned whether i2 would become a takeover target for enterprise resource planning vendors Oracle or SAP. Brady has reduced expenses at i2, but could not stem heavy losses. In 2001 the company reported a loss of $7.75 billion (€8.81bn), on revenue of $985.6 million (€1.12bn).
When i2 reports its first quarter results later today, analysts expect revenues of $187 million (€213m), down 49% compared with $365 million (€415m) last year.
Separately, Tom Cooper, i2’s head of sales in the Americas, also resigned.