SAN FRANCISCO (HedgeWorld.com)–Stephanie DiMarco was named the permanent chief executive officer of Advent Software, after holding the position on an interim basis since May 2003.
Ms. DiMarco founded of the software company in 1983 and was its chief executive until 1999. She came back last May after Peter Caswell stepped down from Advent’s board at the company’s annual stockholders meeting .
In recent quarters, the company has been posting operating losses, but Ms. DiMarco in the last six months has been refocusing the company on its core markets; working on strengthening its franchise; and working to return the company to profitability, according to an Advent news release.
Ms. DiMarco was responsible for engineering the growth of Advent from its beginnings as a start-up software company through to its initial public offering in 1995. The financial services software provider now has 800 employees focusing on various segments in the hedge fund industry .
According to Advent, firms in 55 countries use Advent technology to manage investments totaling more than US$8 trillion.
Along with Ms. DiMarco’s return, John H. Scully was appointed chairman of the board of directors at Advent. Mr. Scully is a beneficial owner of Advent stock through his company SPO Partners & Co., Mill Valley, Calif.
Mr. Scully co-founded SPO in 1991, a private investment firm that is Advent’s largest shareholder. He was appointed to the board of directors last month.