SAND Technology CEO, Arthur Ritchie to Retire; Tom O’Donnell to Replace Him
Montreal, October 28, 2009: Co-Founder and the Chief Executive of SAND Technology, Arthur Ritchie, announced today that on reaching the age of 65, he plans to retire and step down as CEO by the end of October. He has agreed to remain as the company’s Chairman working in an advisory capacity. Additionally he will focus on assisting the CEO’s smooth transition including strengthening existing customer and partner relationships.
On behalf of the entire board and employees, Mr. George Wicker, member of the board, offered the following: “Arthur’s passion and dedication for the Company, its employees, customers and partners has been unyielding. He has worked tirelessly to build SAND over the years. We sincerely thank him for his leadership through SAND’s formative years and in building the Company’s unique culture and outstanding asset base – its people, its technology and its loyal customers.”
Tom O’Donnell, current board member and a major shareholder of SAND, will be appointed as President and CEO effective November 1, 2009. SAND will continue to be headquartered in Montreal. Tom O’Donnell is the CEO and founder of Edge Specialists – an independent software vendor of derivative trading tools. He is a co-inventor of two extensive trading software patents, a C.P.A. and a graduate of Harvard Business School. His extensive career in the software and financial markets makes him highly qualified for his new role.
The Company is being positioned to strengthen its financial growth and customer penetration. Arthur is pleased with SAND’s progress to date and especially by accomplishing a huge milestone in becoming a strategic partner with several major international companies, as well as achieving increasing sales of SAND’s high performance Nearline 2.0 solution within the rapidly increasing SAP BW market. He went on to say that Tom’s experience and sharp business acumen will be a valuable asset in taking SAND to the next level and leading the Company through the challenges and enormous opportunities ahead.