SAVVIS Completes Investigation, Accepts Robert A. McCormick's Resignation as CEO

Strategic Insights -

The SAVVIS Board of Directors has concluded an independent investigation into a claim brought by American Express against the company involving disputed charges made on an American Express card issued to then-CEO and Chairman Robert A. McCormick. As a result, McCormick has resigned as CEO, effective immediately, and will be succeeded by Acting Chief Executive Officer Jack Finlayson, who has served as President and Chief Operating Officer since January 2000.

Key Takeaways:

  • The SAVVIS Board of Directors has completed an independent investigation into the American Express lawsuit, which involved disputed charges made on an American Express card issued to Robert A. McCormick, the company's former CEO and Chairman.
  • Robert A. McCormick has resigned as CEO of SAVVIS, effective immediately, and will be succeeded by Acting Chief Executive Officer Jack Finlayson, who has served as President and Chief Operating Officer since January 2000.
  • The investigation reconfirmed that McCormick did not submit the charges in question to SAVVIS for reimbursement and that SAVVIS has not made any payment to American Express related to the charges.
  • The SAVVIS Board of Directors has reaffirmed its commitment to upholding the highest ethical standards for its employees and operations and maintaining its reputation and integrity in the marketplace.
  • Jack Finlayson will continue to serve as Acting CEO until a permanent replacement is appointed, but the company does not intend to comment further on the matter pending resolution of the American Express lawsuit, which is still in litigation.

Statistics:

  • 47 countries: SAVVIS has an IT services platform that extends to 47 countries.
  • 5,000 enterprise customers: SAVVIS has over 5,000 enterprise customers.
  • 6 years: Jack Finlayson has served as SAVVIS' President and Chief Operating Officer since January 2000.

Sources:

  • SAVVIS Press Release, dated [No date provided] (cited in the article as "SAVVIS completes investigation, accepts Robert A. McCormick's resignation as CEO")
  • SAVVIS Corporate Profile, http://www.savvis.net (cited in the article as "About SAVVIS")
  • Private Securities Litigation Reform Act of 1995 (cited in the article as "The document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995")