Forsythe Founder To Step Down

In an internal memo obtained by VARBusiness, Forsythe Technology Group founder Richard Forsythe has announced his plans to step down as chairman and president and sell his 85 percent stake to Forsythe Technology Group employees as part of an employee stock ownership plan (ESOP).

"The years have taken away some of my energy and drive," Forsythe wrote. "I have decided that it is unfair to all of you to keep the role of president. So I have decided to step aside and probably hang around as a nonexecutive chairman until a good transition takes place."

A Forsythe Technology Group spokeswoman confirmed the information, but emphasized that Forsythe has not stepped down yet.

"He will continue to serve as president and chairman until the sale is complete and the transition has taken place," the spokeswoman said.

Forsythe Technology Group (No. 95 on the 2005 VARBusiness 500) was founded by Forsythe in 1971 as Forsythe McArthur Associates. No details have been released regarding the potential sale of Forsythe's stock or his successor. His exit will mark the second major executive change for the solution provider this year. In February, Eva Losacco resigned as president and CEO of Forsythe Solutions Group, a division of Forsythe Technology Group, after 20 years with the company. Forsythe assumed Losacco's responsibilities and duties as a result.