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I2 Looks For Its Next Leader
The company has retained a firm to help it find a successor for founder and CEO Sanjiv Sidhu.
July 22, 2004
1 Min Read
I2 Technologies Inc. is making gradual improvements to its financial standing, even though revenue is still down compared with a year ago.
The supply-chain vendor Thursday reported revenue of $111 million for the second quarter ended June 30, compared with $122 million for the same quarter in 2003. License revenue in the second quarter was $12 million, compared with $17 million in the year-ago quarter. But net income for the second quarter totaled $12 million; this compares with a net loss of $30 million in the first quarter of 2004 and net income of $1 million for the second quarter of 2003.
The second-quarter earnings follow a new round of investments this past April, when Sanjiv Sidhu, the software company's chairman and CEO, committed to purchasing $20 million worth of i2 common shares, adding to the roughly 116 million shares he already owned. Also, Q Investments reported a $100 million investment in i2, increasing the private equity firm's cash position to $390 million. Q now holds about 32 million shares of i2 common stock and $9 million worth of convertible debt, giving it an approximate 26% stake in the company.
I2 also said it has selected Heidrick & Struggles to begin the process of seeking a successor to Sidhu, who founded the company in 1988.
"We have taken many steps over the past year to position i2 for success as we move forward," Sidhu said in a statement released Thursday. "The time is now right for us to attract a world-class CEO for i2. I plan to continue as chairman and remain as committed to i2 as I've ever been."
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