Arthur W. "Bud" Crumlish, who took over as Computer Task Group's CEO in 2016, is retiring at the beginning of March and will be replaced by Filip J.L. Gyde, who has overseen the Buffalo-based information technology firm's European operations for the last 18 years.
Crumlish, who has worked for CTG for 28 years, expanded the company's European operations with its purchase of France-based Soft Co. earlier this year and also beefed up its sales and new business development initiatives.
CTG's sales grew by 10 percent since the end of 2016 and its profitability has stabilized, although the company's earnings remain well below their levels from 2014 and its stock has sagged. CTG's stock peaked at more than $9 a share in April but has plunged since, losing more than half of its value and currently trading at close to a two-year low of a little more than $4 a share.
"The company has made solid progress toward our three-year strategic plan and is in a strong financial position, which makes this the right time for me to retire," Crumlish said in a statement Thursday.
Gyde has worked at CTG since 1990 and currently is the company's executive vice president, general manager and president of its European operations.
With his retirement, Crumlish will receive a lump sum payment of $577,300, which is equal to one year of his annual salary and the average payment he has received over the last three years through the company's cash bonus plan. He also will receive company-paid health and dental insurance benefits for one year.