Epicor announced the departure of Tom Kelly as CEO and board member, but I'm just hearing about it now. According to Epicor's press release, Kelly is leaving "to pursue other interests."
Replacing Kelly will be George Klaus, who held the CEO post from 1996 to February, 2008. This essentially blows the succession plan for Klaus, as Kelly was his designated successor.
Klaus will have his work cut out for him. He takes the reins in the midst of a recession, leading to recent Epicor layoffs at the end of 2008. Although Epicor's most recent forecast is generally in line with analyst expectations, the current business climate is not favorable to a turnaround. Plus, Epicor is still facing another potential bid from Elliott Associates. Epicor fought off a hostile bid from Elliott last year, but the hedge fund is still buying up Epicor shares and currently owns over 10% of the business.
So, why did Kelly leave? If you have insights, please leave a comment, or drop me an email.
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