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EDS's Former CFO Departs Company

Jim Daley, CFO at the time Procter & Gamble backed away from a multimillion-dollar outsourcing deal, is retiring.
Troubled IT services vendor EDS is losing another executive. Jim Daley, 62, who served as CFO for recently ousted CEO Dick Brown, says he will retire from the company at the end of the month.

Daley was moved from CFO to the role of executive VP for client solutions shortly before the arrival of Michael Jordan, who replaced Brown as CEO in March. The IT services provider then tapped TRW Inc. CFO Robert Swan for the CFO job.

Jeff Heller, EDS's president and chief operating officer, will assume Daley's responsibilities on an interim basis, the company says. An EDS spokesman says that, although Daley is retiring, a noncompete clause in his contract remains in effect.

Daley was CFO when Procter & Gamble Co. in November backed away from a multibillion-dollar outsourcing deal with EDS over worries about the company's finances. Among their concerns, P&G officials said at the time, was a September earnings warning from EDS that caused its stock price to drop precipitously.

Before joining EDS in 1999, Daley served in a number of executive positions at Price Waterhouse (now PricewaterhouseCoopers).

Daley is the latest high-level executive to leave EDS. In May, Douglas Frederick, executive VP and president of operations solutions, left the company. His responsibilities were also assumed by Heller on an interim basis.