Loucks resigns as Halogen CEO
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.