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MICROS Systems, Inc. Announces CEO Succession Plan; Peter Altabef To Become Chief Executive Officer; A.L. "Tom" Giannopoulos To Serve As Executive Chairman

Stocks in this article: MCRS

COLUMBIA, Md., Dec. 3, 2012 /PRNewswire/ --  MICROS Systems, Inc. (NASDAQ: MCRS), a leading provider of information technology solutions for the hospitality and retail industries, today announced that its Board of Directors has elected Peter Altabef to succeed A.L. "Tom" Giannopoulos as MICROS' President and Chief Executive Officer, effective January 2, 2013.  Mr. Giannopoulos, who has served as the Company's CEO since 1993, will continue his duties as executive chairman of the Company during the period of his employment, which extends to June 30, 2014.  After Mr. Giannopoulos retires, the Board intends to appoint a non-executive independent chairperson.  The Board has also expanded from 6 to 7 directors, and Mr. Altabef will be appointed a director, effective January 2, 2013.

Mr. Altabef, 53 years old, served as President and Chief Executive Officer of Perot Systems from 2004 until 2009, when Perot Systems was acquired by Dell, Inc.  Perot Systems was a $2.8 billion company that provided technology solutions to many multi-national companies throughout the world.  Upon Dell's acquisition of Perot Systems, Mr. Altabef served as President of Dell Services until his departure in 2011.

"Under Mr. Giannopoulos' steady leadership, MICROS has prospered and thrived for two decades, and remains firmly positioned as an innovator and leader in the industries we serve," stated John J. Puente, MICROS Director and Chairman of the Compensation and Nominating Committee of the Board of Directors.  "With this transition, Mr. Giannopoulos will continue to provide executive leadership and direction for MICROS, while allowing Mr. Altabef to assume daily operational responsibilities with the existing MICROS executive team.  We welcome to MICROS Mr. Altabef, who has a long and distinguished history overseeing thriving technology organizations."

"It has been a great pleasure and privilege to lead MICROS as Chief Executive Officer over the past twenty years.  In this two-decade period, MICROS has grown from a small, boutique hardware purveyor to the restaurant industry to one of the world's most dynamic and innovative technology solution providers to the global restaurant, hotel and retail marketplaces," stated Mr. Giannopoulos.  "I am most proud of the deep and enduring relationships I have developed with many of our valued employees and clients, and believe the Company remains in excellent hands with Mr. Altabef and our tenured strong management team."

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