I2 Technologies Inc. Wednesday became the second business-to-business software vendor to name a new CEO this week, announcing that Greg Brady, who had been the company's president, will take over the top executive spot from co-founder Sanjiv Sidhu.
The management change at Dallas-based i2 comes just two days after rival Ariba Inc. tapped Larry Mueller, its president and chief operating officer, to replace former CEO Keith Krach. Like other B2B vendors, i2 and Mountain View, Calif.-based Ariba are being hit by lower-than-expected sales that have forced them to resort to layoffs.
For example, i2, which also makes supply chain management software, disclosed last month that it had cut more than 600 workers after its first-quarter profits came in nearly 50 percent below the year-earlier level. And Ariba said 700 of its 2,100 employees would be let go following a $1.84 billion net loss in its fiscal second quarter and the demise of a planned acquisition of San Jose-based Agile Software Corp.
Brady, 40, has been president of i2 since 1994 and was responsible for the company's product strategies, sales force and acquisition activities in that job, according to today's announcement. In addition to taking over as CEO, Brady is expected to become a member of i2's board of directors, the company said.
Sidhu will stay on as chairman and provide "ongoing direction and vision for the company," i2 said. The company added that Sidhu will consult with Brady on long-term strategies and spend "a significant amount of his time" working with i2 users, employees and business partners. Romesh Wadhwani, i2's other co-founder, will remain as vice chairman.