Manugistics Gives Its President The Boot - InformationWeek

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Business & Finance

Manugistics Gives Its President The Boot

CEO Joe Cowan assumes the responsibilities of the role.

Manugistics Group Inc.'s president, Jeremy P. Coote, was fired Aug. 25, effective Aug. 31, according to a Securities and Exchange Commission report filed Friday. CEO Joe Cowan has assumed the president's role, a spokeswoman for the supply-chain-software company says. She declined to comment on Coote's firing.

Manugistics brought in Cowan as CEO in July at a base salary of $400,000, a bonus potential of equal amount, and certain fringe benefits. As part of Cowan's employment package, according to the SEC filing, he also was granted on July 22 an option for 1 million shares of common stock and 200,000 shares of restricted stock, which vests on Jan. 1, 2006.

Cowan was appointed to replace former CEO Gregory Owens, who remains as chairman, and to return the company to growth. In June, the company reported that for its first quarter, ended May 31, total revenue was down 21% to $51.6 million from the year-ago quarter. Revenue has been declining across several quarters.

On Sept. 3, Manugistics also named Jeffrey Kissling to the post of chief technology officer, Jeffrey Holmes as president of worldwide sales operations, and Edward R. Daihl as group VP of revenue management.

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