CEO Succession at Unisys

Lawrence A. Weinbach will stay on as chairman but pass CEO job to president and COO Joseph W. McGrath.
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Friday said CEO Lawrence A. Weinbach is stepping down as CEO and will be replaced by the company's president and COO, Joseph W. McGrath.

Weinbach, 64, will continue as chairman through January 2006. McGrath, 52, takes over Jan. 1, 2005.

"Today's announcement is the result of a succession planning process undertaken by the board of directors over the last several years," the company said in a statement.

McGrath joined Unisys in January 1999.

The computer services company recently reported a smaller third-quarter profit on flat revenue, but still beat analysts' earnings estimates. Blue Bell, Pa.-based Unisys had net income of $25.2 million, or 7 cents a diluted share, compared with $56.2 million, or 17 cents a share, a year ago. Revenue was flat at $1.45 billion.

Shares closed at $10.46 Thursday.