Aspen Technology Appoints Richard Packwood as Senior Vice President, Corporate Strategy
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 1, 2005-- Aspen Technology, Inc. (Nasdaq: AZPN) today announced that Richard Packwood has joined the company's executive team as Senior Vice President, Corporate Strategy. Packwood will have responsibility for guiding AspenTech's long-term business strategy and ensuring that the company maintains close alignment with the needs of its process industry customers.
Packwood comes to AspenTech with extensive experience in both formulating and implementing corporate strategies for a range of international businesses. Prior to joining AspenTech, Packwood was Senior Vice President for Business Development at Ajilon Consulting, where he played a key role in the growth of the company as a member of the executive team. His responsibilities included developing the company's business strategy, establishing a new direction for its international operations, and overseeing a number of major acquisitions. Before joining Ajilon, he was Vice President for Operations for ProVision Technologies, and was a strategic management consultant for the Parthenon Group and Bain & Company.
"We continue to focus our efforts on streamlining AspenTech's operations so that we can grow revenues and deliver consistently profitable performance," said Mark Fusco, President and CEO, AspenTech. "The addition of Richard to our executive team is an important step in that process, and his experience in developing successful business strategies will help us to refine our direction and ensure that we have the necessary internal processes in place to achieve our goals."
Packwood is a graduate of Durham University in England and holds an MBA from Massachusetts Institute of Technology.
Aspen Technology, Inc. provides industry-leading software and professional services that help process companies improve efficiency and profitability by enabling them to model, manage and control their operations. The new generation of integrated aspenONE(TM) solutions are aligned with the key industry business processes, providing manufacturers the capabilities they need to optimize operational performance, make real-time decisions and synchronize the plant and supply chain. Over 1,500 leading companies already rely on AspenTech's software, including Bayer, BASF, BP, Chevron Corporation, DuPont, ExxonMobil, Fluor, GlaxoSmithKline, Sanofi-Aventis, Shell, and Total. For more information, visit www.aspentech.com.
This press release may contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including, without limitation: AspenTech's plan to improve operational performance may not be implemented effectively; AspenTech has identified material weaknesses in its internal controls with respect to software license revenue recognition and other matters, that, if not remedied effectively, could result in material misstatements; risks around securities litigation and investigations; AspenTech's lengthy sales cycle makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in the cyclical chemicals, petrochemicals and petroleum industries; the possibility of new accounting standards or the interpretation of existing accounting standards affecting our financial results; AspenTech's ability to raise additional capital as required; intense competition; AspenTech's need to develop and market products successfully; reliance on relationships with strategic partners; challenges associated with international operations; and other risk factors described from time to time in AspenTech's periodic reports filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any current intention to update forward-looking statements after the date of this press release.
AspenTech, aspenONE and the aspen leaf logo are trademarks of Aspen Technology, Inc., Cambridge, Mass.
Aspen Technology, Inc.
Marie Telepneff, 617-949-1324