Fair, Isaac Names e-Business Pioneer Thomas Grudnowski CEO
SAN RAFAEL, CALIFORNIA--September 8, 1999--Fair, Isaac and Company, Incorporated
(NYSE: FIC) today announced that Thomas G. Grudnowski will become the company's
president and chief executive officer, and a member of its Board, effective
December 2, 1999, after transitioning from his current responsibilities at
Andersen Consulting. Grudnowski, 49, is currently the managing partner in charge
of Andersen's line-of-business e-commerce ventures.
As announced earlier this year, the company's current CEO, Larry E. Rosenberger,
will continue to lead Fair, Isaac's research and development efforts,
company-wide. Rosenberger was in charge of the company's research and
development unit earlier in his career and added responsibility for this area to
his duties as CEO in March.
Since 1994, Grudnowski's responsibilities have focused on the development of
electronic commerce businesses serving a wide variety of industries. He led the
creation of several Andersen Consulting strategic initiatives including
net-centric computing, industry solutions centers, netsourcing, and, most
recently, Andersen's efforts to create spin-out e-commerce businesses.
Grudnowski launched and served in the role of CEO of four different e-business
companies started under Andersen's auspices. Prior to 1994 he was the managing
partner of Andersen's Minneapolis region Services Industries Group with
responsibility for assignments in the financial services, healthcare,
telecommunications, transportation, utility and government sectors. A partner
since 1983, Grudnowski joined Andersen Consulting in 1972. He holds a B.S. in
mathematics and accounting from St. John's University in Collegeville,
Minnesota.
Fair, Isaac chairman Robert M. Oliver said, "Tom Grudnowski was the overwhelming
choice of the search committee, and we are delighted that he is joining the
Fair, Isaac team. He has experience in all of the industries we are actively
pursuing. We were especially impressed by Tom's proven ability to successfully
launch a number of e-business start-ups, and we're looking forward to his
contributions." Mr. Oliver continued, "The Board is grateful to Larry
Rosenberger for his leadership over the past eight years, which fueled our
growth from $25 million in revenues to more than $250 million, and we're very
pleased that he will be leading our research and development activities going
forward."
Mr. Grudnowski said, "I'm very excited by the prospect of helping to lead Fair,
Isaac into the 21st century. The same data-driven decision technologies that the
company pioneered in consumer credit have virtually unlimited potential in many
other markets, especially the rapidly expanding world of electronic commerce. I
think the new strategic plan announced by the company earlier this year can be
the blueprint for delivering greater value to an expanded client base, increased
opportunities to Fair, Isaac's employees and long-term rewards to its
stockholders. I'm looking forward to working with the rest of the Fair, Isaac
leadership team to make this great company even greater."
Fair, Isaac (www.fairisaac.com) delivers critical decision-making solutions that
help businesses improve their performance in acquiring, growing and serving
their customers. The company works in the financial services,
telecommunications, e-Business and healthcare markets providing
transaction-level decision-making processes and solutions to help clients make
quicker, more profitable decisions. Headquartered in San Rafael, Calif., Fair,
Isaac employs nearly 1,600 people
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in 18 offices worldwide. For the fiscal year ended September 30, 1998, the
company reported net income of $24.3 million ($1.68 per share, diluted) on
revenues of $245.5 million.
This press release contains certain forward-looking statements regarding events
and trends that may affect the Company's future results. Such statements are
subject to risks and uncertainties that could cause the Company's actual results
to differ materially. Such factors include, but are not limited to, the
Company's ability to recruit and maintain key technical and managerial
personnel, the maintenance of its existing relationships with key alliance
partners, its ability to continue to develop new and enhanced products and
services, competition, and market demand. For a more complete description of
these and other factors see the Company's annual and quarterly reports to
stockholders and its annual report on Form 10-K and other reports filed with the
Securities and Exchange Commission.