TORONTO, Jan. 22 /CNW/ - Algorithmics Incorporated, a worldwide leader in
enterprise risk management solutions, today announced that its Board of Directors has approved the promotion of Michael Zerbs, formerly vice president
of Research and Product Marketing, to Chief Operating Officer. In this newly-
created position, Dr. Zerbs, who has been with Algorithmics for thirteen years, will oversee all customer-facing and field-focused activities, including sales, marketing and professional services.
"This appointment recognizes Michael's significant contributions to the firm and the key role he has played in helping us to become a well-managed, growing enterprise. It is with particular delight that I have witnessed Michael's evolution into a seasoned, results-driven manager, who is well positioned to take our organization through its next growth phase," said Ron Dembo, CEO and President of Algorithmics. "Michael, who joined Algorithmics in 1989, is a recognized expert in risk management for market and credit risk and has a detailed understanding of the key risk management challenges that the financial industry faces today."
Dr. Zerbs holds several degrees including a Ph.D. in Economics and a MBA in Finance. In his career at the firm, he has been responsible for the strategic direction and conceptual development of all Algorithmics software, including the design and marketing efforts for most of the company's risk management products. He has also managed several large client implementation projects. In February 2001, he was appointed to Algorithmics' Board of Directors.
In a related development and as part of a company reorganization, the responsibilities of Yaacov Mutnikas -- appointed Chief Technology Officer in February, 2001 -- were expanded beyond software development to include the research, financial architecture and engineering, and product management/architecture functions. In this expanded role, Mr. Mutnikas, who has been with Algorithmics for the six years, will continue to ensure that quality software products are produced as customer needs and the markets change, underpinned by the award-winning Mark-to-Future risk and reward framework.