Midlands-based banking and healthcare software firm Misys yesterday confirmed it had appointed Mike Lawrie as the group's chief executive.
A former IBM senior vice-president and chief executive of Siebel, Mr Lawrie will take up the role from November 1 and fill the hole left by Misys founder Kevin Lomax, who stepped down earlier this month after a private equity-funded bid that he was leading failed to materialise.
Chairman and current caretaker chief executive Sir Dominic Cadbury said Mr Lawrie's expertise in the software and services sector was key to his appointment.
Mr Lawrie spent 27 years with IBM, where he rose to become senior vice-president and group executive, sales and distribution, one of the company's most senior executives.
Evesham-based Misys said Mr Lawrie would receive an annual bonus of up to £1.1 million on top of his basic salary of £550,000, depending on improvement in operating profit, though there would be no payment unless the company's share price increases. Mr Lawrie will also be eligible for share options.
Mr Lawrie said: "I am very excited to be joining Misys and taking on the challenge of returning it to levels of sustained growth and success.
"Misys is very well established in its markets, has a great range of valuable products, an enviable client list and a talented workforce."
At the annual general meeting earlier this month, Sir Dominic made it clear he was looking for a fresh face to turn Misys around after the company rebuffed a separate bid for former board members to manage it. Shares closed up 7.75p at 197.25p.