i2 Technologies (Nasdaq: ITWO) rose US$2.32 to $20.09 in morning trading Wednesday, after the e-commerce software maker promoted its president, Greg Brady, to the added post of chief executive officer.
Brady takes over from Sanjiv Sidhu, who will continue as chairman of the Dallas, Texas-based company.
Brady “has been the guiding force behind i2’s strategic product vision, expansion of the company’s global sales and operations, and i2’s aggressive acquisition strategy,” i2 said.
“Greg and I have worked very closely over the past seven years building a strong company focused on delivering value to our customers,” Sidhu said.
The two will continue to consult as Sidhu spends a “significant” amount of time working with customers, employees and partners. Vice chairman Romesh Wadhwani will continue to focus on “strategic initiatives,” i2 said.
Brady, who has been i2’s president since 1994, previously worked at Oracle, J.D. Edwards and McCormack & Dodge. He will also get a place on i2’s board.
i2, which provides business-to-business (B2B) software and services, last month reported first-quarter results that matched its lowered expectations. The company has said that it expects losses for the next couple of quarters, as it focuses on cutting costs and waiting out a widespread decline in corporate spending on information technology.
The company reported a net loss of $774.15 million, or $1.90 per share, for the first quarter ended March 31st, compared with net income of $11.74 million, or 3 cents, a year earlier, as revenue rose to $357 million from $186 million.
i2 has cut more than 600 jobs and is continuing to reduce costs as part of a restructuring plan announced April 2nd.