With Scient Merger Looming, iXL Exec Resigns
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A top executive at troubled Web consulting firm iXL Enterprises who was to become the new chief financial officer after its pending merger with Scient won't be around to take the new job.
Atlanta-based iXL announced that Michael J. Casey, iXL's executive vice president and chief financial officer, will leave the Atlanta company Sept. 10 to "pursue other opportunities."
iXL and Scient announced July 31 that they planned to join forces in a "merger of equals." The combined company, with Casey as CFO, was to be based in New York City. In Friday's announcement, the company alluded to Casey's desire not to leave the Atlanta area. The merger is expected to close in the fourth quarter.
"Mike has been a valuable contributor to iXL and a main architect behind our restructuring. He chose not to uproot his family. We respect his choice, thank him for his outstanding service, and wish him all the best," said iXL's CEO Christopher M. Formant.
After Casey's departure, David Morgan, iXL's controller, will take over Casey's responsibilities. Following the merger, Scient's controller, Michael Hand, will take the CFO duties of the new company until a new CFO can be hired.