Verity Announces the Appointment of Anthony J. Bettencourt to President & CEO
Gary J. Sbona to Continue as Executive Chairman of the Board
SUNNYVALE, Calif - 2003-03-06 - Verity Inc. (NASDAQ: VRTY), a leading provider of enterprise software that helps organizations maximize the return on their intellectual capital investment, today announced the appointment of Anthony J. Bettencourt III to president and chief executive officer.
Bettencourt, Verity's president and a board member since September 1999, succeeds Gary J. Sbona as CEO. Sbona will continue as the company's Executive Chairman of the Board.
"Anthony Bettencourt has been instrumental to Verity's performance over the past three and a half years as the company's president" said Sbona, "and will continue to make outstanding contributions as our CEO. As we move forward, Anthony will concentrate on day-to-day operations allowing me to increase my focus on growing our business through strategic initiatives such as mergers, acquisitions and partnerships."
Sbona was named Verity's CEO in July 1997, a board member in May 1998 and board chairman in March 1999. Under Sbona's leadership, Verity has grown its revenues from $42.7 million in 1997 to $93.8 million in 2002. The company has been profitable in each of its past four fiscal years.
The Company also announced it has extended its current management agreement with Regent Pacific Management Corporation until February 28, 2005. Under the amended agreement, Regent Pacific will continue to provide the services of Gary J. Sbona as executive chairman of Verity, and will continue to provide additional Regent Pacific management services to the company.
"The shareholders, customers and employees of Verity owe Gary Sbona a great debt of gratitude," Bettencourt said. "Anyone who understands the challenges of leading a global software company in the radically changing environments of the past five years will certainly understand the significant contributions Gary has made to our success. As we go forward, I will enjoy the benefit of his counsel and management experience as our executive chairman and colleague."
The senior management team now reporting to Bettencourt will be: Stephen W. Young, chief operating officer, Steven R. Springsteel, senior vice president of finance and administration and chief financial officer; Dr. Ashok K. Chandra, senior vice president of development and new business activities; Michael D. Mooney, senior vice president of field sales operations in the Americas; Hugo Sluimer, senior vice president of field sales in Europe, the Middle East, Africa and the Asia-Pacific region, and Michael T. Zuckerman, vice president of marketing.
Bettencourt has more than 20 years of senior management experience in a variety of high-tech companies. He first joined Verity in 1995 and was named vice president of worldwide sales in 1996. He was responsible for developing key alliances with Netscape, Informix, Sybase, SCO and others that helped define Verity's early niche in the search and retrieval marketplace. He was also a member of the Verity management team during the company's successful initial public offering in 1995. He rejoined the company in September 1997 as senior vice president of worldwide sales and was named president and elected to the board of directors in September 1999. He has held senior management positions with OnLive! Technologies, Versant Object Technology, Excelan, Quintus, Convergent Technologies and Altos Computer Systems.
About Verity
Headquartered in Sunnyvale, Calif., Verity provides software solutions that help organizations maximize the return on their intellectual capital investment by utilizing Verity's industry-leading enterprise search, classification and personalization technologies. Verity software is used for sharing information within and between enterprises; for facilitating e-commerce sales; and for B2B activities on Web-based market exchanges. In addition, Verity technology serves as a core component of many leading e-business applications.
Verity products are used by more than 3,500 organizations in the private and public sectors. Customers include Adobe Systems, AT&T, Cisco, CNET, Cap Gemini Ernst & Young, Hewlett Packard, Dow Jones, EDGAR Online, FairMarket, Financial Times, Globe and Mail, Home Depot, Lotus, SAP, Siemens, Sybase, Time New Media and Timex.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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