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TheStreet Open House

BluePhoenix Solutions Appoints New CEO

Stocks in this article: BPHX

BluePhoenix Solutions (NASDAQ: BPHX), the leading provider of value-driven legacy IT modernization solutions, today announced that Shimon Bar-Kama has been appointed as BluePhoenix’s new Chief Executive Officer, effective immediately. Bar-Kama replaces Arik Kilman, who as previously announced is retiring.

“Shimon is a proven leader who has demonstrated his value to the company in his service to the Board this past year,” said Eric Green, Chairman of the Board. “The Board believes that Shimon has the skills required to engineer a successful turnaround at BluePhoenix. We look forward to Shimon’s leadership as we refocus our efforts on our core legacy IT modernization solutions, and work to control costs as we drive the company back toward profitability.”

Shimon Bar-Kama has served as a CEO, Director, and a Partner in several companies and industries over the last 25 years. Both as a CEO and active Board member, Bar-Kama has extensive experience in corporate turnarounds and restructurings. Most recently as a Partner and general manager of Paragon Consultancy, Bar-Kama has worked as a strategic consultant to global companies operating in high-tech industries. He graduated with an Aeronautical Engineering degree from Technion in Haifa, IL. Additionally, Bar-Kama served as an Israeli Air Force Fighter Pilot, both in regular and reserve service, for 32 years.

“I am aware of the challenges that BluePhoenix is facing, and I am excited about enthusiastically tackling these challenges with a determination to return the company to profitability. Our focus will be on creating value for all of our stakeholders, which includes our employees, customers, vendors, and shareholders,” said Bar-Kama.

Prior to his appointment, Mr. Bar-Kama resigned his position as a Director of the company.

About BluePhoenix Solutions

BluePhoenix Solutions (NASDAQ: BPHX) is the leading provider of value-driven legacy IT modernization solutions. The BluePhoenix portfolio includes a comprehensive suite of tools and services from global IT asset assessment and impact analysis to automated database and application migration, rehosting, and renewal. Leveraging over 20 years of best-practice domain expertise, BluePhoenix works closely with its customers to ascertain which assets should be migrated, redeveloped, or wrapped for reuse as services or business processes, to protect and ihncrease the value of their business applications and legacy systems with minimized risk and downtime.

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