Verity Elects John G. Schwarz and Victor A. Cohn to Board of Directors
Appointments of Software Industry and Wall Street Executives Expand Board to Eight
SUNNYVALE, Calif - 2003-03-10 - 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 two new members to its board of directors.
Joining the current six-member Verity board are John G. Schwarz, president and COO of Symantec Corporation (NASDAQ: SYMC), the world leader in Internet security technology, offering a broad range of content and network security software and appliance solutions to individuals, enterprises and service providers and Victor A. Cohn, founder and principal of Focal Point Partners, a New York-based business management firm.
"With John and Victor, the Verity board has added two individuals who epitomize business management success," said Gary J. Sbona, Verity's executive chairman. "We are certain each will provide a valuable perspective shaped by experience in helping to grow and manage companies of significance in the marketplace."
Schwarz has more than 25 years experience in the software industry. In his current position at Symantec, Schwarz is responsible for all the company's P&L operations.
Previously, Schwarz was president and chief executive officer of Reciprocal Inc., a business-to-business secure e-commerce services firm providing digital content distribution over the Internet. Prior to Reciprocal, Schwarz spent 25 years at IBM Corporation. In his last post there he was general manager of IBM's Industry Solutions unit, a worldwide organization focused on building business applications and related services for IBM's large industry customers.
"Verity is a company with tremendous strength and potential," Schwarz said. "I look forward to working with the business to increase its energy and influence in the marketplace."
Cohn brings 30 years of Wall Street investing, structuring and capital formation experience for companies including AOL Time Warner, Chrysler and AT&T. Before founding Focal Point Partners, he served as global head of equity capital markets and a member of the commitment committee and president's council at Bear Stearns & Co. Prior to that he headed investment banking and capital markets and was a member of the regional management committee, responsible for all capital markets products, at UBS. Cohn spent most of his career at Salomon Brothers, where he rose to be global head of equity capital markets and a member of the firm's equity operating committee.
"I am pleased to serve on Verity's board, and I look forward to contributing to the company's growth and exploring ways to enhance shareholder value," Cohn said.
The current Verity board consists of executive members Sbona and Anthony J. Bettencourt, Verity's president & CEO, and independent directors Steven M. Krausz, managing member, U.S. Venture Partners, Stephen A. MacDonald, president and CEO, Bellamax, Inc., Karl C. (Casey) Powell, Jr., president and CEO, NextGig, Inc., and Charles P. Waite, Jr., general partner, OVP Venture Partners.
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, Bristol-Myers Squibb, Cisco, Cap Gemini Ernst & Young, Documentum, Dow Jones, EDGAR Online, Financial Times, H-P, Home Depot, Lotus, META Group, 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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