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CTG CEO dies

October 14, 2014

CTG (NASD: CTG) reported James R. Boldt, the company’s chairman and CEO since 2001, died unexpectedly yesterday. CTG’s board has appointed CFO Brendan M. Harrington as interim CEO.

Boldt, 62, joined the Buffalo, N.Y.-based IT services company as VP, CFO and treasurer in 1996. He was appointed president and joined CTG’s board of directors in June 2001, and was named CEO the following month. Boldt became the company’s chairman in May 2002.

CTG’s board of directors appointed Harrington as the company’s interim CEO. The board also named Daniel J. Sullivan, the board’s lead director and the former president and CEO of FedEx Ground, as CTG’s non-executive chairman. The appointments were made in accordance with the company’s existing succession plan.

Harrington, senior VP and CFO since 2006, joined the firm in 1994. He served in a number of managerial financial positions in the company’s corporate and European operations before being appointed corporate controller in 2005.

Sullivan has been a director of CTG since 2002.

“Brendan Harrington worked side by side with Jim for nearly ten years as CTG’s chief financial officer, making him well prepared to take on the role of interim chief executive officer,” said Sullivan. “CTG is financially strong and has significant depth at the senior management level, with each of the business unit leaders having served in their current roles for several years. CTG’s directors who have executive leadership experience at large companies are also ready to assist Brendan in whatever capacity he asks in assuming leadership of the company during this difficult transition period.”

CTG ranked as the 17th largest IT staffing firm in the US in 2014.