|Another change in the executive ranks.|
SOURCE: CheckFree Corporation
Frank Polashock Extends Tenure With CheckFree
Investment Services; Seasoned Executive Returns to Post as
ATLANTA, Oct. 11 /PRNewswire/ -- CheckFree Corporation (Nasdaq: CKFR - news) today
announced that it has retained Frank Polashock as a member of its executive management
team. Polashock, who had been working as a consultant for CheckFree's Investment Services
division since his retirement on June 30, 2001, will return to his role as president of
CheckFree Investment Services effective Monday, October 22, 2001.
Tacio Carvalho had assumed the role of general manager for the Investment Services division
and was responsible for the daily operations of the division upon Polashock's retirement.
Carvalho intends to pursue other professional opportunities. The strategic business plans
developed jointly by Polashock and Carvalho for enhancing both the scope and depth of
Investment Services product line and customer base remain intact, and the two executives
will formulate a smooth transition plan.
``We are very pleased that Frank's personal circumstances now enable him to return to a
full-time executive leadership position. He has demonstrated consistently strong leadership
for our Investment Services division, driving both financial performance gains and strategic
competitive advantage improvements,'' said Pete Sinisgalli, CheckFree president and chief
operating officer. ``In addition to executing the plans we have in place for fiscal 2002, Frank
and his team will focus on significantly expanding the market opportunities for CheckFree's
Investment Services division,'' Sinisgalli said.
Headquartered in Jersey City, New Jersey, CheckFree Investment Services is the premier
provider of remote processing services used by professional money managers and financial
advisors for the automation of investment management, trading, portfolio performance and
About CheckFree (www.checkfree.com )
CheckFree is the leading provider of financial electronic commerce services and products. Founded in 1981 and celebrating its 20th year in e-commerce, CheckFree is comprised of three divisions: Electronic Commerce, Software, and Investment Services. CheckFree launched the first fully integrated electronic billing and payment solution in 1997. As of June 30, 2001, CheckFree's Electronic Commerce division enabled more than 5.2 million consumers to receive and pay bills electronically.
The company has multi-year contracts with 271 of the nation's top billers to provide online billing and payment through more than 300 financial services organizations, including banks, brokerage firms, Internet portals and content sites and personal financial management (PFM) software. CheckFree Investment Services provides a broad range of investment management services to thousands of financial institutions nationwide. The division's clients manage more than 1,150,000 portfolios totaling more than $500 billion in assets. CheckFree's Software division provides solutions through three operating units: CheckFree ACH Solutions, CheckFree Financial and Compliance Solutions (CFACS), and CheckFree i-Solutions. CheckFree i-Solutions is the leading provider of e-billing and e-statement software and services for both business-to-consumer and business-to-business applications, with more billers as clients than all of its competitors have combined. CheckFree ACH Solutions provides software and services that are used to process more than two-thirds of the nation's six billion Automated Clearing House payments, while CFACS provides reconciliation and compliance software and services to more than 400 organizations in the banking, brokerage, utility, retail, insurance and credit card industries, among others.
Certain of the Company's statements in this press release are not purely historical, and as such are ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding management's intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company's business, and other risks and uncertainties detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended June 30, 2001 (filed September 27, 2001) and subsequent amendments. One or more of these factors have affected, and could in the future affect, the Company's business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based
on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.
SOURCE: CheckFree Corporation