), the leader in value-driven legacy modernization, today announced that Varda Sagiv, its Chief Financial Officer for the past three years, has decided to resign from her position to explore other business opportunities.
Mr. Nir Peles, who has successfully served as a Business Development Manager at Shiraz Investments and as a financial consultant at BDO Consulting Group prior to that, will assume the CFO position at BluePhoenix. Mr. Peles holds a BA in economics and accounting from the Hebrew University, an MBA from Tel Aviv University and MA in Law from Bar Ilan University. Mr. Peles is a certified public accountant in Israel. His proven professional and personal skills are highly regarded, and, with the full support of the board of directors, management and the finance department, a smooth transition is anticipated.
Mr. Robert I. Levy was nominated by the Board of Directors to serve as a Director. He will join as a director if approved by the Company’s shareholders at the shareholders meeting which is expected to be held by July 2010. Mr. Levy is an Executive Vice President and Chief Product Officer at Progress Software. Previously, Mr. Levy was Executive Vice President and Chief Technology Officer at BEA Systems and Senior Vice President and Chief Technology Strategist at Computer Associates.
"I would like to thank Varda for her contribution to BluePhoenix," said Arik Kilman, Chief Executive Officer, BluePhoenix Solutions. "Varda played a key role in defining our corporate strategy and financial goals, and we are extremely grateful to have had her leadership. Varda successfully managed our financial team through a challenging economic period."
"I am pleased to welcome Nir to his new role," added Mr. Kilman. “Nir will play an important role in implementing our short-term and longer-term strategic and financial goals. I am confident that Nir will be a significant and valuable addition to our team.”