System Software Associates, Inc. (SSA), announced on September 14 that its Board of Directors has named Robert R. Carpenter, a highly-experienced executive in the technology services sector, as Chief Executive Officer and Chairman of the Board of Directors. In naming Mr. Carpenter, the Board has completed an extensive search process for the retiring Chairman and Chief Executive Officer, Mr. William M. Stuek. Mr. Stuek commented that "Bob Carpenter is an outstanding choice to lead the continued transition of the Company and its drive to profitability."
the total number of shares available). Its current market capitalization is only around $40 million, and its balance sheet is in shambles ($65M of negative stock equity). With that in mind, we find it very difficult to see SSA's resurrection, despite its large customer base and attractive product portfolio. SSA's chance of surviving, in a consolidating market, with new competitors arriving from all directions, declining revenues, and continuing losses, are slim without a substantial cash infusion from a