John C. Dorman to Continue as Chairman of the Board
CHANTILLY, Va.--(BUSINESS WIRE)--Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today announced that veteran technology executive Joseph L. Cowan has been named President and Chief Executive Officer of the company effective immediately. He succeeds interim chief executive officer John C. Dorman, who will continue as Chairman of the company’s Board of Directors.“I am delighted to have the opportunity to build upon Online Resources’ successes and expand its reach as a leading provider of financial technology services.”
Mr. Cowan brings to Online Resources a proven track record in executive management in technology companies, including significant experience in repositioning companies for sustainable growth. Most recently, he served as chief executive officer of publicly owned Interwoven, an enterprise content management software company. At Interwoven, Mr. Cowan achieved record financial performance, growing revenue from $200M to $260M and operating profit margins from 11% to 19% over a two-year period.
“Joe has a history of guiding companies through challenging situations by implementing successful business strategies that accelerate competitiveness and reignite top-line growth,” said Mr. Dorman. “We are very pleased to welcome him to Online Resources and are confident that he will be instrumental not only in driving revenue growth and profitability, but restoring predictability to our business model.”
Prior to Interwoven, Mr. Cowan was chief executive officer of Manugistics Group, a publicly owned supply chain management software company. There, he developed and executed a successful turn-around plan in a competitive and declining market that resulted in the company’s first profit and positive cash flow in over five years.
Mr. Cowan also served as president and chief executive officer of EXE Technologies, and in management positions at Invensys, Wonderware, Texas Instruments, Eurotherm Corp. and Monsanto. He holds a MS in engineering from Arizona State University and a BS in electrical engineering from Auburn University.
In addition to becoming President and CEO, Mr. Cowan has also been elected to the Online Resources Board of Directors. He joins the group of Directors that will stand for election by stockholders in 2011. Mr. Cowan also serves as a Director of Blackboard Inc. (Nasdaq (GS): BBBB).
“Online Resources has a history of providing its financial institution and biller clients with outstanding service and a world-class set of products,” said Mr. Cowan. “I am delighted to have the opportunity to build upon Online Resources’ successes and expand its reach as a leading provider of financial technology services.”
About Online Resources
Online Resources (Nasdaq: ORCC) powers financial interactions between millions of consumers and the Company’s financial institution and biller clients. Backed by its proprietary payments gateway that links banks directly with billers, the Company provides web and phone-based financial services, electronic payments and marketing services to drive consumer adoption. Founded in 1989, Online Resources has been recognized for its high growth and product innovation. It is the largest financial technology provider dedicated to the online channel. For more information, visitwww.orcc.com.
