GLASTONBURY, Conn.--Open Solutions Inc.Â®, a leading provider of integrated, enterprise-wide data processing technologies for banks and credit unions throughout the United States, Canada and other international markets, has appointed John W. Frederick executive vice president and chief financial officer, effective Nov. 2. Frederick will replace interim CFO Robert Davis, who will remain with Open Solutions for a brief transition period.
Frederick will report to Chairman and Chief Executive Officer Louis Hernandez, Jr. and will have responsibility for all financial functions, global procurement, corporate development and information technology.
â€œIâ€™m very pleased by what I see at Open Solutions,â€ Frederick said. â€œWith its streamlined structure, excellent product suite and commitment to ensuring employees have the skills they need to succeed; I strongly believe Open Solutions is uniquely positioned to become the marketplace leader. The company has a solid financial foundation and a great future, and I look forward to joining this organization.â€
Frederick is a seasoned financial professional with extensive experience in strategic and financial planning, Sarbanes Oxley compliance; process improvement using Lean and Six Sigma techniques; and the implementation of financial systems. He earned a Bachelor of Arts in economics at the University of Maryland, Baltimore and is a certified public accountant.
Frederick comes to Open Solutions from SafeNet Inc., of Belcamp, Md., where he served as senior vice president and CFO since 2007. At SafeNet, a global encryption security company with pro forma sales of about $500 million, Frederick also held the positions of vice president and worldwide controller, as well as interim CFO and chief accounting officer. During his tenure, the company achieved 12 consecutive quarters of record sales and EBITDA, materially reduced cycle times and implemented new financial reporting systems.
Prior to SafeNet, Frederick held the positions of director of business planning and analysis at AlliedSignal, Aerospace Equipment Systems, in Torrance, Calif.; vice president of Finance and CFO at Six Flags Georgia in Atlanta; senior vice president of Finance and corporate controller at Sunbeam Corporation in Boca Raton, Fla.; and CFO of Legrand North America in West Hartford, Conn.
â€œOn behalf of the board and the entire Open Solutions team, I am delighted to welcome John to our company,â€ said Hernandez. â€œI expect that our clients, employees and investors will benefit from his many years of experience, especially as we enter a new chapter in our companyâ€™s history â€“ a chapter focused on becoming the leader in our industry, both in client service and product innovation. Weâ€™ve completed a two-year transformational process, during which we streamlined our organization to operate more efficiently and heavily invested in our products, client service and employee training. We believe we have the best technology and best people in our industry. We are excited about our future and about Johnâ€™s joining our team.â€
â€œI also want to thank Bob Davis for his service to our company as interim CFO,â€ Hernandez said. â€œHe had many accomplishments here, including implementing improvements to working capital and helping drive dramatic improvements in our margins, which were instrumental to the final elements of our business transformation. On behalf of all Open Solutionsâ€™ employees, I wish him well in his future endeavors.â€
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized OracleÂ® relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, wealth management, interactive voice response, technology services, payments and loan origination solutions. Open Solutionsâ€™ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in todayâ€™s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
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