Mark J. Barrenechea to Remain a Member of SGI's Board of Directors

Dec 27, 2011, 09:15 ET from SGI

FREMONT, Calif., Dec. 27, 2011 /PRNewswire/ -- SGI's (NASDAQ: SGI) Board of Directors today announced that, at the request of the Board, Mark J. Barrenechea has agreed to continue to serve as a member of the Board of Directors following his resignation as President and CEO of the company earlier this month. As previously announced, Ronald D. Verdoorn, chairman of the Board of Directors, will step in as interim CEO while the Board conducts a search for a permanent CEO. Mr. Barrenechea will join the Open Text Corporation as President and CEO.

"We are excited that Mark will continue to be part of the future of SGI. He has successfully transformed the company to become the leader in Technical Computing, delivering four straight quarters of profitability," said Mr. Verdoorn. "Having Mark as member of the Board will help ensure that the management transition will be smooth."

"My past five years at SGI were a transformative experience for me personally and I am filled with nothing but pride looking at what we have accomplished," said Mr. Barrenechea. "SGI is a company larger than any one person, it is the most talented team in the industry and I am pleased to remain engaged as a member of the Board." 

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