After a long run of plunging profits and stock price setbacks,
is making a change at the top.
The computer outsourcing company replaced its chief executive of four-plus years, Dick Brown, Thursday afternoon and replaced him with former Westinghouse CEO Michael Jordan.
The company also brought its former vice chairman, Jeff Heller, back on board as president and operating chief. Heller retired from EDS in February 2002, after 34 years with the company.
Jordan is a highly regarded executive who restructured Westinghouse, then a struggling industrial giant, into a media conglomerate through the acquisition of CBS before selling the revamped operation to
The moves came amid growing shareholder discontent at EDS's poor operating performance. The company has been hit over the last year by a plague of earnings warnings amid a weakening corporate information technology spending environment. Last fall EDS shocked Wall Street by slashing its earnings estimate by some 80%. The shortfall preceded a wave of job cuts at the company, but financial numbers have continued to be weak.
EDS shares rose 6 cents to $15.76 ahead of the news. The company's shares have lost more than 75% of their value over the last year and remain sharply below their levels when Brown took over.