CLARENCE CHANDRAN STEPS DOWN FROM CURRENT POSITION BUT REMAINS IN ADVISORY ROLE AT CGI
Group Inc. (CGI) (TSX: GIB.A; NYSE: GIB;), announced that effective today and due to health reasons, Clarence Chandran is stepping down from his position as president, Business Process Services (BPS). Following a routine annual check-up, he was recently diagnosed with prostate cancer for which he is currently undergoing medical treatment and is no longer able to maintain his position as president, Business Process Services with CGI. However, he will retain his position with CGI as chairman of the board, India and become a Council member of CGI's newly created International Advisory Council. In the interim, Michael Roach, president and COO of CGI, will oversee the BPS operations.
"I have always greatly admired CGI and am pleased to remain part of this impressive team through my participation in the Council. Due to health reasons, I am unable to continue with my current duties but want to keep working towards the future success of CGI. In my two months with CGI I have had the opportunity to collaborate with many seasoned professionals and feel confident that in my new role I will be able to continue to evolve what I began by tapping into my international network," said Clarence Chandran, chairman of the board, India.
Chandran, 54, joined Nortel Networks in 1985 and held numerous senior-level positions including chief operating officer. He retired in May 2001 from Nortel Networks. Mr. Chandran is a director of MDS Inc., chairman of the Conros Corporation and the Chandran Family Foundation Inc.
To learn more about CGI's newly created International Advisory Council, please consult today's press release.
Founded in 1976, CGI is among the largest independent information technology and business process services firms in North America. CGI and its affiliated companies employ approximately 20,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe and centers of excellence in India. CGI's annualized revenue run rate is currently CDN$2.8 billion (US$2.1 billion) and at December 31, 2003, CGI's order backlog was CDN$12.2 billion (US$9.3 billion). CGI's shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices. Website: www.cgi.com.
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements represent CGI Group Inc.'s intentions, plans, expectations, and beliefs, and are subject to risks, uncertainties, and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements.
These factors include and are not restricted to the timing and size of contracts, acquisitions and other corporate developments; the ability to attract and retain qualified employees; market competition in the rapidly-evolving information technology industry; general economic and business conditions, foreign exchange and other risks identified in the Management's Discussion and Analysis (MD&A) in CGI Group Inc.'s Annual Report or Form 40-F filed with the SEC, the Company's Annual Information Form filed with the Canadian securities authorities, as well as assumptions regarding the foregoing. The words "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", and similar expressions and variations thereof, identify certain of such forward-looking statements, which speak only as of the date on which they are made. In particular, statements relating to future revenue from outsourcing contracts are forward-looking statements. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
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