iXL CFO Resigns In Wake Of Pending Merger With Scient

Michael Casey, CFO of iXL has decided not to uproot his family when the company merges with New York-based Scient and instead will pursue other opportunities, according to a statement released late Thursday by iXL CEO Christopher Formant.

iXL and Scient reached a definitive agreement on July 31 to merge and also revealed a plan for the combined companies to be based in New York. As part of the deal, Casey was tapped to become CFO of the new company.

David Morgan, controller at iXL, will assume Casey's responsibilities upon his departure from the company on Sept. 10. Once the merger is completed, Michael Hand, controller at Scient, is expected to take on the responsibilities until a new CFO is selected.

Executives say they expect the all-stock deal to be completed during the December quarter.

Other previously announced executive appointments for the new company include Scient CEO Bob Howe, as chairman of the new company and Bertram Ellis, chairman of iXL, as vice chairman. Formant will retain the CEO post at the new Scient, as will Stephen Mucchetti, COO of Scient.

Both boards have approved the transaction, and about 34 percent of the shareholders of each company have agreed to vote their respective shares in favor of the merger, executives at both companies say.