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BISYS Replaces CFO

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BISYS Group Inc., a support services firm that has been struggling to get its own financial reporting in order, has hired a new chief financial officer.[@@]

BISYS, New York, has brought in Bruce Dalziel to succeed James Fox as CFO.

Fox has been the CFO at BISYS for 2 years.

Dalziel has been the chief financial officer of DoubleClick Inc., New York, since October 2001, and he also has spent 14 years at what is now Prudential Financial Inc., Newark, N.J.

Fox will be helping Dalziel during a transition period, according to BISYS President Russell Fradin.

“We wish [Fox] well in his future endeavors,” Fradin says in a statement.

BISYS, a company that helps many life insurers sell their products and educate their employees, is facing an investigation by the U.S. Securities and Exchange Commission. The company has had to postpone the release of its latest financial statement because of problems with recordkeeping.

Fradin has included a rough overview of his company’s financial situation with the announcement about the CFO switch.

During the quarter that ended June 30, which is BISYS’ fourth fiscal quarter, revenue was down at the information services division, as the result of the loss of a client, but revenue was up at the company’s investment services and insurance services divisions, Fradin says.

“We also continue to generate solid cash flow in each of our businesses,” Fradin says.