Unisys Fires its CEO

The company that raked in almost 2 Billion dollars in federal funding to build the massive TSA infrastructure as part of the DHS startup, has fired its CEO after dismal performance and an FBI investigation into criminal fraud of their operations tied to DHS contracts. And their stock is hovering around 3 bucks per share.

From CNET here:

IT services provider Unisys announced Tuesday it has begun a search for a new CEO, as the company struggles to right its operations.

Joseph McGrath, who has served as the CEO for the past three years, will step down by year’s end.

Unisys was up 2 percent in early morning trading to $3.22 a share, following the news.

A pullback by customers in the financial services industry, a drop in IT spending, and delayed government orders have contributed to the company’s woes, according to its quarterly reports.

Unisys has a huge presence in my town and I have friends that work there.  Maybe a new CEO is just what they need.