Former IBM Senior Vice President Mike Lawrie becomes the group chief executive of London-based Misys Nov. 1, it was announced today. He replaced Kevin Lomax who stepped down from the global software companys top spot for the best interests of the company earlier this month.
His base salary was reported at about $1 million and will be subject to an annual review, with opportunities for annual bonuses of up to 200% of his salary. In a move that was said to symbolize and strengthen the direct link of the interests of the chief executive and shareholders, a news release said that Lawrie will invest nearly $1 million of his own money in Misys stock.
Lawrie worked at IBM for 27 years, including in its offices in Paris and Tokyo, before taking the post of chief executive at San Mateo, Calif-based Siebel Systems in 2004 and then becoming general partner with ValueAct Capital, San Francisco, in 2005.
Earlier this year, Misys offered itself for sale and found no takers and it terminated the offer process on Sept. 29. Misys Healthcare Systems is a Raleigh, N.C.-based division of the London parent company, and it serves some 110,000 physicians in 18,000 practice locations and 1,200 hospitals.