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	<title>AllThingsD &#187; Joseph McGrath</title>
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		<title>Unisys Announces CEO Headcount Reduction</title>
		<link>http://allthingsd.com/20080925/unisys/</link>
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		<pubDate>Thu, 25 Sep 2008 12:14:52 +0000</pubDate>
		<dc:creator>John Paczkowski</dc:creator>
				<category><![CDATA[News]]></category>
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		<category><![CDATA[Joseph McGrath]]></category>
		<category><![CDATA[Unisys]]></category>

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		<description><![CDATA[It's taken quite a while, but Unisys has finally settled on a way to maximize shareholder value: Get rid of CEO Joseph McGrath. The IT services provider said this week that McGrath, who has presided over a 60 percent decline in Unisys’s share price, will step down by the end of the year.]]></description>
			<content:encoded><![CDATA[<p><img src="http://digitaldaily.allthingsd.com/files/2008/09/univac.jpg" alt="" title="univac" width="200" height="130" class="alignright size-full wp-image-5661" />It&#8217;s taken quite a while, but Unisys has finally settled on a way to maximize shareholder value: <a href="http://news.cnet.com/8301-1001_3-10048539-92.html">Get rid of CEO Joseph McGrath</a>. The IT services provider (and creator of the behemoth <a href="http://en.wikipedia.org/wiki/UNIVAC_I">UNIVAC, or UNIVersal Automatic Computer</a>) said this week that McGrath, who has presided over a 60 percent decline in Unisys&#8217;s share price, will step down by the end of the year. He will, however, continue to lead the firm until a successor is named.</p>
<p>&#8220;[The] directors and Mr. McGrath agreed that a change in leadership would best enable Unisys to move forward on accelerating execution of the company&#8217;s strategy,&#8221; the company said in a statement. No surprise there. The Unisys leadership&#8211;McGrath, in particular&#8211;has been under fire for a year now from MMI Investments LP, a New York investment outfit that holds about 9 percent of Unisys stock and isn&#8217;t at all happy with the way the company&#8217;s being managed. In <a href="http://sec.gov/Archives/edgar/data/746838/000108944708000003/uis-13da_amendment5.htm">an angry letter</a> to the Unisys board of directors at the beginning of this year, MMI said it &#8220;felt tremendous frustration with the seemingly continuous stream of management, operational and financial missteps&#8221; at the company.</p>
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