Top Image Systems, Ltd. (NASDAQ: TISA) today announced a consolidation of the Executive Management team designed to return the company to profitability and accelerate our plans to transform the business to higher velocity cloud-based process automation solutions, with additional focus on the U.S. market.
Key changes to the Executive Management team include:
- Yossi Dagan, Chief Financial Officer, has made a decision to pursue other opportunities, however he will remain with the company in a consulting capacity pending the transition of the Chief Financial Officer function to the U.S.;
- Patti Barton, Vice President of Finance, situated in our U.S. headquarters, will assume interim responsibility as Chief Financial Officer. Patti is a CPA with over 20 years of experience in finance, treasury, SEC reporting and risk management;
- John McCaffrey has been appointed Vice President and General Manager of TIS Americas. John brings to TIS a wealth of experience and proven track record in building high performance organizations, delivering sustained top-line revenue growth and shareholder value. John will instill disciplined growth of our U.S. operations that includes sales, services and marketing. John is a graduate of MIT Sloan School of Management and Princeton University;
- Michael Schrader, President, will be leaving TIS. The company will work with Michael to implement a consolidation plan in our EMEA operations to ensure a smooth transition of his current responsibilities;
- Andrew Pery, Chief Marketing Officer, will remain with the company in a consulting capacity.
“These changes to the Executive Management Team are consistent with the restructuring plans we have instituted in 2016 reducing our operating expenses by $4.1 million. We have further realized consolidation of our U.S. sales and marketing functions into our Plano, Texas operations with an additional reduction of $1 million in our expenses,” commented Brendan Reidy, CEO. “Going forward, these changes will enable us to build upon and further strengthen our operations in the U.S.; better leverage our extensive installed base of financial services providers, where our solutions process $50 billion in remittance transactions annually; focus our investments on extending our services to cloud-based accounts payables and receivables processing; and at the same time continue to maximize profitability from our core forms processing solutions in EMEA and APAC-J. We are confident that these measures lay the foundation for delivering sustainable growth and shareholder value,” added Reidy.
“We are indebted to Yossi, Michael and Andrew for their service and contributions to Top Image Systems,” continued Reidy. “For 17 years Michael has served in various capacities as the manager of TIS’s German operations, then as CTO/COO/Chief Executive Officer. Under his guidance the company achieved a leadership position within the capture market. As CFO, Yossi has implemented rigorous accounting and finance best practices and was instrumental in realizing cost efficiencies and control. Andrew has developed and implemented our cloud go to market strategies and digital marketing programs to grow our lead and opportunity pipeline. We thank them for their service and wish them well in their new endeavors,” noted Reidy.