TSR, Inc. Announces Retirement of Chairman & CEO Joseph F. Hughes
July 05 2017 - 4:00PM
Business Wire
TSR, Inc., (“TSR” or the “Company”, Nasdaq: TSRI), a provider of
computer programming consulting services, today announced that its
Founder, Chairman, and CEO, Joseph F. Hughes, has retired as an
executive officer and director of the Company effective July 5,
2017. Christopher Hughes -- Joseph Hughes’ son and formerly Senior
Vice President of TSR who has worked for the Company for more than
25 years -- was elected Chairman and CEO of TSR by its Board of
Directors today. Additionally, Regina Dowd, daughter of Joseph
Hughes, was appointed by the Board to fill the vacancy created as a
result of the retirement of Joseph Hughes.
“We regretfully accept Joe’s resignation,” said Chris Hughes.
“Joe’s vision, innovative spirit, amazing intellect and relentless
work ethic have shaped TSR’s evolving business model while building
its corporate culture and successful growth since he founded the
Company in 1969.”
Joseph Hughes said in his resignation letter: “I am proud of how
the Company has grown and developed over 48 years. Among other
things, I am thankful for the work of many over those years in
building TSR in a variety of circumstances. As a significant
stockholder of the Company, I am confident that the succession plan
we have developed will serve the Company and its stockholders well
in the future.”
Joseph Hughes’ legendary career includes these highlights:
- Served in the U.S. Marines during the
Korean War.
- Career at IBM where he climbed from the
clerical level to successful sales executive by developing and
managing new and innovative customer information technology
tools.
- At age 37 (married and with five
children), Mr. Hughes founded TSR – originally Time Sharing
Resources, Inc. – in 1969, bringing the company public in
1970.
- Virtually unheard of, he developed
TSR’s own main frame programming language that led to garnering
significant market share in the time sharing business.
- As computer technology changed, Mr.
Hughes diversified the Company beyond the time sharing business by
acquiring Bowne Information Systems, an electronic publishing
company, and CDP Marketing, a company that created customized
customer reports for banks to help them target new product
priorities (both were later sold to other companies).
- In 1980, acquired a majority stake in a
company that became TSR Consulting Services, Inc., providing TSR
and its shareholders with a strategic footprint to evolve and
thrive long-term in the vibrant, fast-changing Information
Technology world.
- During the 1980’s he spearheaded the
key relationship with American Express International Banking
Corporation, establishing and negotiating long-term contracts for
their New York City Data Center that lasted into the 1990’s.
- In 2001, partnered with Logixtech
Solutions LLC, advancing TSR’s reach for SAP and BI contract IT
services.
- In addition to creating a proprietary
mainframe programming language, over the years, Mr. Hughes and his
in-house IT team spearheaded TSR’s efforts to create and market
these other software applications:
- During the 1970’s created Shell – TSR’s
database management system program, a precursor to today’s RDMS
systems, QED – seminal software package for statistical
forecasting, Insight – spreadsheet application for mainframes, and
7Mail – forerunner of the first email systems.
- In the 1980’s, created VM/TPS and BTS
software for IBM’s 370 mainframe architecture, allowing AmEx’s SBS
(Standard Banking System) to run virtually unchanged on the IBM 370
platform. In addition, TSR provided VM/TPS conversion services to
Rank Xerox and the National Insurance & Guaranty Corp (UK) and
others to migrate from another vendor to IBM, a revolutionary
advancement in IT application conversion technology.
- Created “Catch 21”, TSR’s vibrant and
expedient software solution to facilitate IBM-based computer
systems’ Y2K transition (moving from 1999 to 2000).
Over the 48 years with Mr. Hughes at the helm, TSR has grown
into a top-notch IT contract staffing firm serving insurance,
financial services, pharmaceutical and biotechnology, public
utilities and government entities, publishing and new media, and
other mostly Fortune 500 companies.
“TSR will be forever indebted to Joe. As he takes his
celebratory victory lap with colleagues, friends and family, we all
wish him profound thanks, happiness and good health in the years
ahead,” said Chris Hughes, Chairman and CEO of TSR.
Certain statements contained herein, including statements as to
the Company’s plans, are forward-looking statements, as defined in
the Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those set forth in the
forward-looking statements due to known and unknown risks and
uncertainties, including, but not limited to, the following: the
impact of adverse economic conditions on the Company’s business;
risks relating to the competitive nature of the markets for
contract computer programming services; the extent to which market
conditions for the Company’s contract computer programming services
will continue to adversely affect the Company’s business; the
concentration of the Company’s business with certain customers;
uncertainty as to the Company’s ability to maintain its relations
with existing customers and expand its business; the impact of
changes in the industry and the Company’s ability to adapt to
changing market conditions and other risks and uncertainties
described in the Company’s filings under the Securities Exchange
Act of 1934. The Company is under no obligation to publicly update
or revise forward-looking statements.
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TSR, Inc.John Sharkey, 631-231-0333
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