Tuesday, February 5, 2008

Lacy to leave president's seat at Kronos

Software maker Kronos Inc. reports that president Paul Lacy plans to retire after 20 years with the Chelmsford-based company.

Lacy, who joined Kronos in 1988, has served as president since 2005. He was previously executive vice president and chief financial and administrative officer for the company, officials said.

Kronos, founded in 1977, develops work-force management software and employs 3,400 workers.

During Lacy's tenure, Kronos grew from a hardware company generating $26 million in annual revenue to a $662 million enterprise software company, according to company officials. He also led the company's initial public offering in 1992, and selected and integrated 60 company and product acquisitions, officials said.

Kronos officials said they expect to select Lacy's replacement by June.

Last year, private equity firm Hellman & Friedman LLC acquired Kronos for $1.8 billion and it reverted to a privately held company.

During fiscal 2007, Kronos posted $662 million in revenue.