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QRS Corporation Announces Board Succession Plan
RICHMOND, Calif.– March 21, 2002 – QRS Corporation (Nasdaq: QRSI), a market leader in supply chain technology for the retail industry, announced today a plan for an orderly transition of the membership of its Board of Directors to a board composed of a majority of independent directors. At the Company's annual stockholder meeting on May 14, 2002, the number of members of the Board will also be reduced from nine to seven.
QRS announced that Patrick S. Jones, the chairman of Dione plc, a privately held EPOS terminals manufacturer, has joined the Board as a new independent director and member of the Audit Committee. Mr. Jones will stand for election to a three-year term at the Company's annual stockholder meeting. As part of the succession plan, the Company also announced that Board members David Cole and John Simon have resigned from the Board of Directors. Board member Tania Amochaev will retire from the Board at the expiration of her current term in May. Finally, QRS founder and current chairman Peter Johnson will step down as chairman at the annual stockholder meeting. Mr. Johnson will stand for election for the one year remaining on the three-year term of Mr. Cole, and Dr. Garth Saloner will assume the role of chairman.
"With these moves our Board is adopting a model of independence and operational efficiency that is consistent with the best practices of corporate governance in today's leading public companies. We believe that these actions will best serve the interests of QRS stockholders," said QRS President and CEO Liz Fetter. "I'd like to thank David, John and Tania for their service to the Board. As founder and chairman, Peter has played a significant role in enabling QRS to become a strong market leader. We owe him a great debt of gratitude. I am also pleased to welcome Pat to the Board. His significant financial experience with technology companies brings expertise from which QRS will benefit as we move toward profitability and improved growth."
Prior to his current chairmanship of Dione plc, Pat Jones served as a senior vice president and chief financial officer of Gemplus International S. A., a smart card device manufacturer, from 1998 to 2001. From 1992 to 1998, Jones was a vice president and corporate controller of Intel Corporation. Jones also serves on the board of directors of Genesys S.A., a conferencing services provider; and InterTrust Technologies, Inc., a digital rights management software provider.
In addition to Mr. Jones, the QRS Board of Directors presently includes Tania Amochaev, director at software and service providers Symantec Corp., Walker Interactive, Efficient Market Services Inc. and Extricity; John Dougall, CEO of Commander Communications Ltd.; Liz Fetter, president and CEO of QRS; Dr. Garth Saloner, Jeffery S. Skoll professor of electronic commerce, strategic management and economics at Stanford University and co-director of the University's Center for Electronic Business and Commerce; Phil Schlein, partner in U.S. Venture Partners and former president and CEO of Macy's California; and Garen Staglin, founder, president and CEO of eONE Global.
About QRS QRS is a market leader in supply chain technology for the retail industry. Since 1988, QRS has led the way in building collaborative commerce relationships through its software applications, trading community management tools and global services. QRS' full suite of proven, scalable technology solutions enables its customers to streamline their supply chain processes and collaborate in real-time with their trading partners to achieve superior profit, maximum efficiency and competitive advantage. Learn more about QRS Corporation at www.qrs.com.
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David Fontaine
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