Manhattan Associates announced a CEO succession plan in conjunction with strong second quarter results that saw the provider of supply chain optimization services increase its full year profit forecast.
Manhattan Associates COO Eddie Capel was given the additional title of president and appointed to the board of directors, and he would become CEO on Jan. 1 when current CEO Pete Sinisgalli relinquishes the position. Sinisgall will remain on the board of directors and work closely with Capel during the remainder of 2012 to ensure a smooth transition. Capel joined Manhattan Associates in 2000 and was promoted to the COO role in January 2011.
Board chairman John Huntz said Sinisgalli had been an outstanding leader who made many important contributions during his tenure.
“Over the past few years, our board has worked closely with Pete to develop a succession plan for the CEO position,” Huntz said. “Eddie Capel has proven to be a highly qualified, experienced leader, and we have great confidence he will continue to drive Manhattan Associates’ market leadership and financial success.”
News of the transition came as the company reported second quarter results that saw revenues increase 5.8% to $93.6 million and earnings per share increase nearly 23% to 70 cents.
“This is an ideal time for a CEO transition,” Sinisgalli said. “The company is in very good shape strategically, competitively, operationally and financially. The management team at Manhattan is second to none and is ready to capitalize on the many market opportunities ahead.”
The company’s strength during the first half of the year prompted it to increase the full year profit forecast to a range of $2.37 to $2.47 from prior guidance of $2.27 to $2.32.