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JAMES E. BARLETT AND HUGH R. HARRIS JOIN
COVANSYS CORPORATION’S BOARD OF DIRECTORS
Frank D. Stella to Become Director Emeritus
FARMINGTON HILLS, MI, April 11, 2005 – Covansys Corporation
(NASDAQ: CVNS), a global consulting and technology services company,
today announced that James E. Barlett and Hugh R. Harris have been
appointed to the company’s Board of Directors effective immediately.
Mr. Barlett is currently the Vice Chairman of TeleTech Holdings,
a leading full-service provider of customer care outsourcing services.
He has over 30 years of senior management experience at public
companies in the financial services, technology, travel and transportation,
business consulting and outsourcing sectors including Galileo International,
Mastercard International and NBD Bancorp.
Mr. Harris is President of the Financial Services Technology division
of Fidelity Information Services (“FIS”), a division
of Fidelity National Financial. Prior to joining Fidelity, Mr.
Harris was Chief Executive Officer of HomeSide Lending, one of
the world’s largest full-service mortgage companies. He began
his career with SouthTrust Mortgage and held senior positions at
Mortgage Corp. of the South and its successor, BancBoston Mortgage
Corp.
Mr. Barlett will replace Frank D. Stella, who has retired from
active board service to become Director Emeritus after serving
as a Director since Covansys became a public company in 1997. Mr.
Harris will replace William P. Foley, II, who joined the board
following the consummation of the Stock Purchase Agreement that
Covansys entered into with FIS in 2004.
“I am delighted to welcome these two talented and highly-qualified
individuals to our Board,” said Raj Vattikuti, Covansys’ President,
and Chief Executive Officer. “James’ financial acumen
and experience in overseeing complex global technology and outsourcing
operations will make him a tremendous asset to our organization.
Likewise, Hugh’s extensive knowledge of and expertise in
mortgage processing services will be invaluable in furthering our
efforts to grow our presence in the financial services vertical
through our relationship with FIS.
“I also want to express our gratitude and appreciation to
Frank Stella and William Foley for the contributions they have
made to our Board during their tenure. I would like to extend a
special thank you to Frank, whose counsel over the years has been
so valuable, both to me personally and to the company. His dedication
to Covansys is unmatched, and we are pleased that he has agreed
to stay on as Director Emeritus so that we can continue to benefit
from his wisdom and insight,” concluded Mr. Vattikuti.
Following the appointment of Mr. Barlett and Mr. Harris, Covansys’ Board
will continue to have 10 Directors, six of whom are independent.
Consistent with the company’s bylaws, Messrs. Barlett and
Harris will be nominated as directors for approval by Covansys
shareholders at the Company’s next annual shareholder meeting.
About Covansys
Headquartered in Michigan, Covansys Corporation (Nasdaq: CVNS)
is a global consulting and technology services company specializing
in industry-specific solutions, strategic outsourcing and integration
services. Clients gain competitive advantage by leveraging our
unique on-site, offsite, offshore delivery capability to achieve
rapid deployment, world-class quality and reduced costs. A leader
in the public sector market, Covansys is also known for application
maintenance and development outsourcing in the healthcare, financial
services, retail and distribution, manufacturing, telecommunications
and high-tech industries. Founded in 1985, with nearly 6000 employees
worldwide, Covansys was one of the first U.S.-based IT services
companies to establish offshore facilities in India, and is a pioneer
in seamlessly integrating offshore capabilities into its offerings.
Two of the company's three wholly owned development centers in
India are assessed at Level 5 in SEI CMM®. All three are ISO
9001:2000 certified and assessed at Level 5 in PCMM®. Covansys
was named one of the leading IT companies for state and local governments
in 2002 and 2003 by Washington Technology magazine, and one of
the top 500 solution providers in 2002 and 2003 by VARBusiness
magazine. Visit our web site: www.covansys.com.
Safe Harbor Statement
With the exception of statements regarding historical matters
and statements concerning our current status, certain matters discussed
herein are forward-looking statements that involve substantial
risks and uncertainties. Such forward-looking statements may be
identified by the words "anticipate,'' "believe,'' "estimate,'' "expect''
or "intend'' and similar expressions. Our actual results,
performance or achievements could differ materially from these
forward-looking statements.
Factors that could cause or contribute to such material differences
include internal control weaknesses, impact of changes in estimates
on fixed price projects, variability of operating results, failure
to recruit, trans and retain skilled IT professionals, exposure
to regulatory, political and general economic conditions in India
and Asia, short term nature and termination provisions of contracts,
competition in the IT services industry, economic conditions unique
to clients in specific industries, decline in profitability of
European operations, public sector budget constraints, limited
protection of intellectual property rights, and risks related to
merger, acquisition and strategic investment strategy.
FOR FURTHER INFORMATION:
Investors:
James S. Trouba
(248) 848-2267
jtrouba@covansys.com
Media:
Michelle Jones
(248) 848-2269
mjones@covansys.com
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