Sitel CEO Resigns; Company Foresees Weak Q1 Revenues
Chairman and company founder James Lynch will replace CEO Phil Clough. Senior vice president James Stevenson will replace CFO Gar Richlin.
The company did not specify reasons for the resignations or the future plans of the departing executives.
Sitel, Baltimore, also lowered its first-quarter 2001 revenue expectations from between $190 million and $195 million to between $180 million and $185 million. The reduction was a result of decreased contract volume among existing clients, particularly those active in campaign-based customer acquisition.
However, Sitel said it expected to see a $9.8 million tax reduction after it elected to treat certain overseas branches of the company as part of the U.S. parent. Including the tax benefit, the company expects to see a profit of between 14 cents and 15 cents per share for the first quarter.
The company also said it began work for a number of promising new U.S. clients.