Bracknell (UK), March 2013 - Saba, provider of people-centric enterprise solutions, has announced a leadership transition under which Bobby Yazdani and the Board have agreed he will step down as Chairman, CEO, and Director. In connection with the change in leadership, Shawn Farshchi, Saba's Executive Vice President and Chief Operating Officer, has been named Interim Chief Executive Officer.
Farshchi, a thirty-year veteran of building high-technology companies, will also retain his responsibilities as COO. In addition, the Board of Directors has separated the roles of Chairman of the Board and CEO and appointed independent director Bill Russell to the position of non-executive Chairman.
"I am tremendously proud of the talented and dedicated team at Saba, which has helped create the leading set of people-centric enterprise solutions in the industry, and I'm honored to have had the opportunity to lead Saba on two different occasions since founding the Company many years ago," said Bobby Yazdani. "The Board and I have agreed to bring in new leadership, and we share the view that Saba is very well positioned to pursue large growth opportunities. I believe the best years are still ahead for Saba and that the next generation of leadership will help deliver on that promise."
"Bobby has been integral to the Company, having founded Saba over fifteen years ago and serving at differing times as Chairman, Chief Operating Officer, and Chief Executive Officer," said incoming non-executive Chairman Bill Russell. "The Board and I would like to thank Bobby for his countless contributions, his leadership, his vision, and for the role he has played in managing the Company during a very critical time."
"I appreciate the confidence the Board has placed in me during this pivotal time for the Company and look forward to working with the entire Saba community to continue providing our customers with the excellent products and services they have come to expect from us," said Farshchi.
The Board intends to commence a search for a permanent Chief Executive Officer and will consider both internal and external candidates. The Board is dissolving the role of lead independent director, which is no longer needed due to the appointment of an independent director to the role of non-executive Chairman.
Saba also announced that the Audit Committee of Saba's Board of Directors has selected KPMG LLP as its new independent registered public accounting firm of record. Saba will continue to work with its current independent registered public accounting firm, Ernst & Young LLP, to complete the restatement of its prior period financial results in order to file its overdue SEC periodic reports. KPMG's appointment as Saba's independent registered public accounting firm of record will be effective following the conclusion of the restatement.
