Texada Software announced that William Swisher, chairman of the company, has been named CEO, effective immediately. In connection with his appointment as CEO, Swisher will purchase 2 million common shares at 10 cents per share and has been granted a million options to purchase common shares at that price for a period of 10 years.
Concurrently, Brian Spilak, who will continue as president of the company, will purchase 350,000 common shares at the same price. The issuance of all shares to Swisher and Spilak is subject to customary regulatory approvals.
“I am pleased to be expanding my role from chairman to include the position of CEO,” said Swisher. “With the tremendous success that Brian and the team have achieved over the past two years, I hope only to complement their efforts. Brian remains president and will continue to have full authority on running day-to-day operations, customer relationships and product development. My focus will be on long-term business expansion opportunities and improving shareholder value. We believe the company’s current share price is undervalued by the marketplace when looking at several metrics of the business that I hope to highlight in the coming months and quarters.
“Additionally the board has encouraged management to investigate business expansion opportunities, including the potential acquisition of related businesses. We believe the pursuit of both of these objectives will provide our existing and future customers with enhanced services and product offerings.”
“Willie has been involved in the organization in a prior life and most recently as chairman, and we’ve worked closely together,” Spilak told RER. “I’ll continue to focus on day-to-day operations and product direction and Willie will focus more on strategic issues and investor relations. We’ve had a very good year and we’ve got some exciting developments with Volvo and some of our other customers.”
Texada Software is based in Guelph, Ontario, Canada.