Manhattan Associates Release CEO Succession Plan, Record Q2 Revenue
Manhattan Associates announced that Eddie Capel will succeed Pete Sinisgalli as CEO as of January 1, 2013. Sinisgalli will continue to serve on the Manhattan Associates
Board of Directors. Capel joined Manhattan Associates in June 2000 and has deep experience in all areas of the company’s business.
Capel was appointed COO in January 2011, and effective today, he has also been named president and appointed to the Manhattan Associates Board of Directors. He and Sinisgalli will work together over the balance of 2012 to ensure a smooth transition of responsibilities.
The CEO succession comes on the heels of record revenue and earnings in Q2, which ended June 30, 2012. Revenues of $93.6 million were 6% higher than the same period of last year. About 60% of the quarter's license revenue came from Warehouse Management (WMS) sales and about 40% from our other solutions. The retail, consumer goods and third-party logistics (3PL) verticals made up more than half of license revenue for the quarter. About 55% of license revenue in the quarter came from new customers including Finish Line, Giant Tiger Stores and Primark Stores.
Manhattan also expanded relationships with many existing customers, including Foot Locker, New Balance, Reser's Fine Foods, Sara Lee, Southern Wine & Spirits, Stella & Dot and Walgreen.
John Huntz, chairman of the board of Manhattan Associates, commented, “During his tenure as CEO, Pete Sinisgalli has been an outstanding leader for our company. The Board thanks Pete for his many important contributions to our success. Over the past few years, our Board has worked closely with Pete to develop a succession plan for the CEO position. 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.”
Eddie Capel commented, “I look forward to working closely with Pete to finish out 2012 in strong fashion, and I’m excited about leading Manhattan Associates in 2013 and into the future.”
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