Loucks re­signs as Halo­gen CEO

Ottawa Business Journal - - GO GLOBAL -

Halo­gen Soft­ware is look­ing for a new CEO af­ter long­time chief ex­ec­u­tive Paul Loucks an­nounced his res­ig­na­tion on July 9.

“Af­ter mean­ing­ful re­flec­tion, I made the de­ci­sion that I wanted to spend more time with my fam­ily and con­sider other in­ter­ests over time,” Mr. Loucks said in a state­ment. “This was a very dif­fi­cult de­ci­sion con­sid­er­ing how far Halo­gen has come over the past 15 years and the strong fu­ture the com­pany has in front of it.”

Mr. Loucks, who had been pres­i­dent and CEO since 2000, said he was “grate­ful” for the op­por­tu­nity to work with the Halo­gen team and was “con­fi­dent” in the firm’s fu­ture.

“Our man­age­ment team and mar­ket po­si­tion have never been stronger,” he said, adding he will work with man­age­ment through the tran­si­tion process.

Halo­gen co-founder and ex­ec­u­tive chair­man Michael Slaun­white thanked Mr. Loucks for all his work.

“He played an im­por­tant role in es­tab­lish­ing Halo­gen as a leader in the large and un­der­pen­e­trated tal­ent man­age­ment soft­ware mar­ket,” Mr. Slaun­white said in a state­ment. “The com­pany is well po­si­tioned to con­tinue grow­ing and ex­pand­ing its global pres­ence, which we be­lieve will drive in­creased share­holder value over time.”

The board of di­rec­tors has hired an ex­ec­u­tive search firm to as­sist in find­ing Mr. Loucks’ re­place­ment. In the mean­time, board mem­ber Les Rechan, a for­mer IBM gen­eral man­ager and chief op­er­at­ing of­fi­cer at Cog­nos, has been ap­pointed in­terim pres­i­dent and CEO.

In the wake of Mr. Loucks’ res­ig­na­tion, Halo­gen re­it­er­ated its sec­ond-quar­ter pro­jec­tions and up­dated its 2015 year-end guid­ances.

For the quar­ter, the com­pany said it still ex­pects re­cur­ring rev­enue of be­tween $14.5 mil­lion and $14.7 mil­lion and to­tal rev­enue of be­tween $16 mil­lion and $16.2 mil­lion.

For the year, it is re­duc­ing re­cur­ring and to­tal rev­enue pro­jec­tions, drop­ping re­cur­ring rev­enue pro­jec­tions from be­tween $60 mil­lion and $60.8 mil­lion to be­tween $59.3 mil­lion and $59.9 mil­lion. Halo­gen has re­duced to­tal rev­enue pro­jec­tions for 2015 from be­tween $66.9 mil­lion and $67.7 mil­lion to be­tween $65.4 mil­lion and $66.0 mil­lion.

The com­pany, which em­ploys about 500 peo­ple, has launched a global ex­pan­sion cam­paign that has seen it open of­fices in Bri­tain, Aus­tralia and the Nether­lands.

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