Unisys CEO steps down

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Joseph McGrath will resign later this year

By Mikael Ricknäs | Stockholm | Wednesday, 24 September, 2008

Unisys CEO Joseph McGrath will resign his position, the company announced yesterday.

McGrath, who will continue running day-to-day operations until a successor has been found, has held the top job since 2005, but the board is now searching for a new leader to move the company forward.

On July 23 Unisys reported that revenue for the second quarter of 2008 declined 3% to $1.34 billion (NZ$1.94 billlion) from US$1.38 billion in the year-ago quarter.

The company's strategic focus was outsourcing, enterprise security, and open source services, in the face of lower revenue during the quarter, primarily due to weakness in the financial services industry, McGrath said in July.