The board of directors of Infinium
, a Hyannis, Mass., maker of software to help businesses manage finances and personnel, has replaced president and chief executive officer Robert A. Pemberton with James E. McGowan.
Pemberton will continue as chairman of the board.
McGowan formerly served as president and CEO of Portal Connect Inc., formerly EIS Systems, a seller of business portals, where he led the company’s return to profitability. Before that he was president and CEO of Deluxe Data, which made systems to help financial institutions transfer funds online.
McGowan has also served as CEO of Xerox Imaging Systems; chief operating officer of Project Software Development; and CEO of Palladian Software. Before that he spent nearly 20 years at IBM, ultimately as regional manger overseeing all Midwestern sales.
Infinium’s board is hoping McGowan can turn around the 19-year-old company, which has struggled to sell its software and services online and which has seen its stock remain below $5 per share since last March. The company, which in August laid
off 126 of 681 workers, said it expects to return to profitability by the fall.
Pemberton said, “Jim has a wealth of chief executive experience that will help him maximize Infinium’s customer loyalty, drive revenue acceleration, optimize Infinium’s strategic solutions and services opportunities, and increase shareholder value.”
After the announcement, INFM closed Friday up 0.0625, or 3 percent, at 1.9375.