IT services group GFI says CEO to step down
PARIS, March 18 (Reuters) - French IT services company GFI Informatique (GFIP.PA) on Wednesday reported a stable operating profit that came below analysts' forecasts and said its chief executive and founder was stepping down with immediate effect.
Jacques Tordjman, who founded the company in 1995, said he was passing on the reins of GFI Informatique to Vincent Rouaix, who in the past three years had been groomed to succeed.
GFI reported a recurring operating income of 44.9 million euros, compared with 44.8 million, which missed the average forecast of 47 million euros from Reuters Estimates.
Sales rose to 768.1 million euros from 688.5 million euros.
GFI shares were up 6.76 percent to 2.21 euros by 0805 GMT in a European technology .SX8P sector up 1.7 percent.
GFI, which makes two thirds of its revenue in France, said its business had been impacted by the global economic downturn in the fourth quarter, particularly in the banking industry.
But the company reiterated targets for sales of 1 billion euros and a profit margin of 9 to 10 percent -- compared to 5.8 percent in 2008 -- by 2010.
GFI proposed paying an unchanged dividend of 0.22 euro per share.
(Reporting by Marie Maitre)
