|[August 18, 2014]
ServiceSource Announces CEO Transition and New Managed Services President to Drive Next Phase of Strategic Plan
SAN FRANCISCO --(Business Wire)--
ServiceSource® (Nasdaq:SREV), the global leader in recurring revenue
management, today announced that Mike Smerklo has resigned after 11
successful years at the helm. Mr. Smerklo will remain Chairman of the
Board to ensure a smooth management transition and help guide the
company's long-term strategy. In addition, the Board of Directors
announced the appointment of Chief Financial Officer, Ashley Fieglein
Johnson, as Acting CEO, effective immediately, and has retained a
leading executive search firm to identify a permanent CEO. Finally,
ServiceSource is announcing the appointment of Rick Genovese as
President of the new Managed Services Business Unit.
"My transition to Chairman and the appointment of a new Managed Services
President are key milestones as we execute against our strategic plan,"
said Mike Smerklo. "As we begin the next phase of the company's
transformation, I am confident in the operating strategy we have laid
out and the team's ability to execute. As Chairman, I will continue to
advise the company through this transition, and I look forward to seeing
ServiceSource's continued growth and success."
Focus on Strategic Direction
In July, ServiceSource announced its strategic plan to restore growth
and profitability to the business. As a result, the company established
two distinct business units for its Managed Services and SaaS (News - Alert) operations
and plans to align investments and go-to-market activities along these
efforts. To support this strategic transformation, ServiceSource is
announcing the following changes:
Mike Smerklo will step down as CEO, and will continue to serve the
company in the role of Chairman, advising the leadership team and
ensuring a smooth transition for customers and employees.
Current CFO, Ashley Fieglein Johnson, who has been with the company
for four years, will serve as Acting CEO, reporting to the Board and
assuming day-to-day operations of the company. With strong operational
experience and history with the company, Ms. Johnson will work closely
with the Board to execute on the new ServiceSource strategy.
The Board of Directors has formed a search committee to hire a
permanent CEO with strong operational credentials.
ServiceSource today expanded its senior leadership team by announcing
the appointment of Rick Genovese as President of the Managed Services
Business Unit. In this role, Mr. Genovese will own the strategy and
execution for the company's Managed Services Business Unit for
recurring revenue management. He brings a strong history of driving
executional excellence in business process outsourcing and technology
service organizations including Ciber, Inc., IBM (News - Alert) Global Services, PWC
Consulting Services and EDS.
"As a seasoned veteran of the ServiceSource leadership team, Ashley
intimately understands the details of the business and is the right
leader to assume the role of Acting CEO at this important juncture for
ServiceSource," stated Bruce Dunlevie, Lead Director of the Board. "On
behalf of the Board and global ServiceSource team, I want to thank Mike
for his many contributions to the company over the past eleven years.
Mike has been instrumental in building the team, establishing enduring
customer relationships and implementing a solid operational foundation
that will take the company into the future."
About Ashley Fieglein Johnson
Ashley Fieglein Johnson brings more than 20 years of finance and
operations experience to her role as Acting CEO of ServiceSource. As
CEO, she will be responsible for overseeing all aspects of the company's
operations, while the Board completes a search for the permanent CEO.
She was most recently Chief Financial Officer for ServiceSource,
responsible for all aspects of finance, ivestor relations, strategy,
corporate development and Information Technology.
Prior to ServiceSource, Ms. Johnson founded GreenAtom, a professional
services firm focused on advising companies in the Clean Technology
industry on financial strategy, business development and organizational
structure. Ms. Johnson spent several years with General Atlantic, a
private equity firm servicing the technology industry, where she helped
build and manage its presence on the West Coast. Before General
Atlantic, Ms. Johnson led international business development for Ariba
and worked in both venture investing and investment banking for the
technology corporate finance division of Morgan Stanley.
Ms. Johnson earned a Bachelor of Arts in International Relations and a
Master in International Policy from Stanford University.
About Rick Genovese
Rick Genovese most recently served as the Chief Operating Officer and
Executive Vice President of Ciber, Inc. a global information technology
consulting, services and outsourcing company. At Ciber he had direct
responsibility for unifying processes and improving operations globally.
Mr. Genovese also served as Executive Vice President leading North
American Operations, and overseeing all business processes, including
strategy, sales, solutions, client relationships, delivery and financial
Mr. Genovese has extensive global business process outsourcing
experience, having served as a member of both IBM's Global Business
Services Leadership and PwC's Global Partnership Council for Consulting
Services. At IBM, he served as General Manager of Application Services
for the Americas, the largest offering group within IBM's Global
Business Services. Prior to that, he was General Manager of the IBM
Business Process Outsourcing practice for the Americas and also Managing
Partner of the Communications Consulting Sector for IBM Global Business
Services. He joined IBM in 2002 through its acquisition of PwC, where he
was Managing Partner of business process outsourcing for the Americas
and Managing Partner for the Global Energy Consulting Practice. At PwC,
Mr. Genovese was admitted as a partner in 1990. He began his career at
EDS (News - Alert), where he was a principal.
Mr. Genovese earned a Bachelor of Science from Loyola University.
ServiceSource International, Inc. (NASDAQ:SREV) is the global leader in
cloud-based recurring revenue management solutions. The company helps
customers drive growth and build long-standing relationships across the
customer lifecycle with the industry's most comprehensive data
management, analytics, automation and services capabilities. Through
Renew OnDemand®, Scout® and proven services,
ServiceSource delivers higher subscription, maintenance, and support
revenue, improved customer retention, and increased business
predictability. Headquartered in the Cloud Corridor of San Francisco,
ServiceSource® manages $14.5 billion in recurring revenue for the
world's largest and most respected technology and B2B companies. For
more information, please go to www.servicesource.com.
This press release contains forward-looking statements, including
statements regarding profitable growth prospects of ServiceSource and
the Managed Services business. These forward-looking statements are
based on our current assumptions and beliefs, and involve risks and
uncertainties that could cause our results to differ materially from
those expressed or implied in our forward-looking statements. Those
risks and uncertainties include, without limitation, fluctuations in our
quarterly results of operations; the risk of material defects or errors
in our software offerings or their failure to meet customer
expectations; migrating customers to Renew OnDemand and other SaaS
offerings and the ability to integrate such offerings with other
third-party applications used by our customers; errors in estimates as
to the renewal rate improvements and/or service revenue we can generate
for our customers; our ability to grow the market for service revenue
management; our ability to protect our intellectual property rights; the
risk of claims that our offerings infringe the intellectual property
rights of others; changes in market conditions that impact our ability
to sell the Renew OnDemand, Scout or other SaaS solutions and/or
generate service revenue on our customers' behalf; the possibility that
our estimates of service revenue opportunity under management and other
metrics may prove inaccurate; demand for our offering that falls short
of expectations; our ability to keep customer data and other
confidential information secure; our ability to adapt our solution to
changes in the market or new competition; general political, economic
and market conditions and events; and other risks and uncertainties
described more fully in our periodic reports and registration statements
filed with the Securities and Exchange Commission, which can be obtained
online at the Commission's website at http://www.sec.gov.
All forward-looking statements in this press release are based on
information currently available to us, and we assume no obligation to
update these forward-looking statements.
Connect with ServiceSource:
ServiceSource, Renew OnDemand, Scout and any ServiceSource product or
service names or logos above are trademarks of ServiceSource
International, Inc. All other trademarks used herein belong to their
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