Unisys to drop CEO McGrath

  "The board of directors and Mr. McGrath agreed that a change in leadership would best enable Unisys to move forward on accelerating execution of the company’s strategy. McGrath will continue to lead the day-to-day operations of the company until a successor has been identified" later this year. Full Unisys statement here.
  McGrath joined Unisys from Xerox in 1999 as head of marketing, and took the top job in 2005. The company has lost money each year since, though charges were lower each year. McGrath had hoped to turn a profit this year. He was paid $1.6 million in cash and stock last year.
  McGrath worked to focus Unisys on high-profit businesses and cost-cutting. The company had been "far too broad," he said at the Citigroup Technology Conference on Sept. 4. His efforts were second-guessed by activist shareholders, including Clay Lifflander of MMI Investments LP, who urged splitting government and private-sector work into separate companies. Unisys gave Lifflander a board seat in May, and Goldman Sachs, which has advised Unisys on previous spin-offs, has been reviewing strategic choices, which it has been scheduled to recommend by year end.
  Unisys sales have totalled around $5.7 billion in each of the past four years; a majority of the business is now outside the U.S., McGarth told investors at the Citigroup conference. Clients include big financial services firms (American Express, ING, UBS); airlines (United, Delta, Iberia); phone companies (British Telecom, France Telecom); and national and local government agencies (Department of Homeland Security, Port of Los Angeles).
  Unisys, which traces its roots to several office machine makers, including pioneer computer-builder Univac, employs 30,000, including around 2,000 in Blue Bell and other local sites. McGrath had planned to move his office to Liberty Place, though opponents blocked his proposal to put the red Unisys logo on the high-rise tower.