Jim Malone joins from Trizetto, where he has been Chief Financial Officer since 2004. The Trizetto Group, Inc, is a NASDAQ listed company providing information technology for the health insurance payer community. Jim was a key member of the executive team at Trizetto responsible for reducing costs and delivering significantly improved financial performance of the business. Prior to this he was CFO and CAO at IMS Health, the NYSE listed healthcare and pharmaceutical information provider.

 

Mike Lawrie, Misys plc Chief Executive said, “Jim is a highly experienced executive with a proven track record of delivering value during times of major change. His energy, expertise and knowledge of the technology sector will be important to us as we move forward and execute our strategy for turning Misys around.”

 

Jim Malone commented, “I am extremely excited to be joining Misys at this early stage of its turnaround programme. Misys is a great business and I look forward to working with the team to help the Company drive value for shareholders and customers alike.” 

 

As previously announced, current Finance Director, Howard Evans, will be stepping down. He has agreed to stay with Misys until the end of June to assist with the transition to his successor. During this time Mr Evans will remain a Director of the Company.

 

Jim Malone will receive a remuneration package that is in line with other Misys senior executives and is designed to align financial reward directly with the performance of Misys and the interests of its shareholders.  Information about Jim’s remuneration package and his career history appear in the notes to this announcement.

 

Jim Malone’s compensation is line with that of other Misys senior executives and is designed to align financial reward directly with the performance of Misys and the interests of its shareholders.

 

Jim Malone's base salary will be £265,000 per annum, subject to annual review.  There will be on target annual bonus opportunity of 100%, rising to a maximum annual bonus opportunity of up to 150% of salary.  The bonus for the financial year of appointment will be based on Group Operating Profit and achievement of specific objectives.  Targets for future awards will be established by the Remuneration Committee at the commencement of each financial year and will be based on an appropriate mix of financial and business objectives.  In line with the arrangements for the Chief Executive, up to 50% of Jim’s bonus will be deferred into Misys shares for two years, subject to continued employment.

 

On joining, Jim Malone will be made a one-off award under the Transformation Incentive Plan as follows:

 

• Jim will invest an amount equal to 50% of his salary in Misys shares which must be retained over the performance period.

• In return, he will be made a matching award of:

   - share options with a face value 250% of base salary; and
   - performance shares with a face value 250% of base salary

• Awards will vest in line with criteria for other Misys senior executives, based on the extent to which the share price has increased over the period.

 

The Company will contribute up to 12% of base salary into pension arrangements. Jim will be entitled to normal benefits (e.g. medical and life assurance).  He will also be entitled to certain benefits in relation to his relocation (e.g. accommodation and expatriate tax advice).

 

Jim will be awarded a one-off award of 344,000 restricted stock units in Misys securities to compensate for restricted stock and share options held with Trizetto which he forfeits upon resignation. 

 

 

2004-2007                   TRIZETTO GROUP, INC. Newport Beach, CA

 

1997-2002                   IMS HEALTH Westport, CT and London, UK

                                       Chief Financial Officer and Chief Administrative Officer 

1995 - 1997                 COGNIZANT CORPORATION Westport, CT

                                       Senior Vice President and Controller

 

1993 - 1995                 DUN & BRADSTREET Allentown, PA

                                       Vice President and Leader, Shared Transactions Services

 

1989 -1993                  REUBEN H. DONNELLEY Purchase, NY

                                       Vice President and Controller

 

                                       Director of Corporate Accounting Operations

ANALYST / INVESTOR ENQUIRIES

Alex Dee
Tel:   +44 (0) 20 7368 2336
Mob: +44 (0) 7989 017 979
Email: alex.dee@misys.co.uk

MEDIA ENQUIRIES

Josh Rosenstock
Tel:   +44 (0) 20 7368 2327
Mob: +44 (0) 7921 910 914
Email: josh.rosenstock@misys.co.uk

Misys plc (FTSE: MSY.L), the global software and solutions company, is one of the world’s largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in-depth understanding of customers’ markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world’s top 50 banks. In healthcare Misys is also a market leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to financial advisers in the UK. Misys employs around 6,000 people who serve customers in more than 120 countries. For more information, visit www.misys.com