News article

Posted by Rachel Fielding PM | on Wed, 08/02/2012 - 11:55  1095

CSC grabs new leader from banking software sector

The former head of financial software firm Misys is to take the reigns at beleaguered CSC, in a move welcomed by analysts as offering the best chance of the firm sorting out its current mess.
Misys CEO Mike Lawrie has secured a new job with the services giant as President and CEO after it was announced that his former supplier and fellow banking specialist Temenos had finally agreed the terms of a merger that will create the largest vendor of banking software, valued at around £2bn.
Anthony Miller, managing partner at analyst firm at TechMarketView, applauded Lawrie’s appointment: “This is absolutely the best news we could have hoped for in terms of the prospects for CSC. It’s hard to think of a person that has a better chance of preventing the company sinking into inglorious irrelevance.”
But Miller warned that wide reaching changes would ensue as Lawrie looked to turn the company around. “The CSC that will eventually emerge from Lawrie’s reign - just like Misys after Kevin Lomax - will look little like the company it is today.
“Indeed, will it even be called CSC?”

CSC has ben dogged by a number of issues in the last few months, including a possible big write-off of its NPfIT contract, legal issues, and having a big Scandinavian back office automation project canned after over-runs and cost escalation