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BISYS CEO To Step Down For Medical Reasons

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NU Online News Service, Oct. 9, 2003, 5:30 p.m. EST – The BISYS Group Inc., New York, says Dennis Sheehan, its president and chief executive officer, will be stepping down for medical reasons.

BISYS sells support services to financial services companies and also markets financial services training programs.

Sheehan has an accident-related medical condition that is not life threatening but will prevent him from continuing to serve as chief executive of BISYS, Sheehan says in a statement.

“I am disappointed that I need to step down prematurely,” Sheehan says. “I want to emphasize that my decision is completely unrelated to the recent earnings disappointments and I remain confident in our recently set financial guidance, and in the long-term prospects for the company.”

Sheehan has been president of BISYS since August 2001 and chief executive since October 2002.

Lynn Mangum, the company’s chairman, will keep that title.

BISYS has hired Korn/Ferry International to help it find a successor for Sheehan. Sheehan will continue to serve as president and CEO until BISYS chooses the successor, BISYS says.