Chordiant Software Appoints Steve Springsteel President and Chief Executive Officer
CUPERTINO, CA - February 1, 2006—Chordiant Software, Inc. (Nasdaq: CHRD), the solutions leader in automating and managing operational business processes for leading service-driven organizations, today announced the appointment of Steven R. Springsteel as its President and Chief Executive Officer, succeeding Stephen Kelly. "Steve Springsteel, who will assume the position of President and Chief Executive Officer, is an exceptional leader with an extensive background in enterprise software," said Sam Spadafora, Chairman. "His distinguished career and insight into operational and financial management will not only help continue Chordiant leadership position in its key vertical markets, but also capitalize on his strengths to enhance the Company's operating leverage." Mr. Springsteel's background includes serving from 1996 to 2000 as Executive Vice President and Chief Financial Officer of Chordiant Software through its initial public offering in February 2000. He has been a member of Chordiant's Board of Directors since 2004 and has chaired both its Audit and Compensation Committees during his tenure as an independent board member. Most recently, Mr. Springsteel was President and Chief Financial Officer of Verity, Inc., a leading provider of business search and process management software, which was recently acquired by Autonomy Corporation. From 2001 to 2003, he served as the Chief Operating Officer and Chief Financial Officer of Sagent Technology, Inc., a publicly traded business intelligence software company that was sold to Group 1. "The Board of Directors is extremely pleased that Steve has accepted this new challenge," Mr. Spadafora said. "With his association with Chordiant over the past 10-years, and his familiarity with the Company's financial and business model, we anticipate minimal ramp time." Mr. Springsteel stated, "I am delighted to assume this new role with Chordiant at such an exciting time of growth and opportunity in its vertical markets of retail financial services and telecommunications. I look forward to driving the Company to further operating leverage and working with an exceptionally talented Chordiant Team." In making the announcement, Mr. Spadafora said, "given Chordiant's strong emphasis on excellence in corporate governance, the Board of Directors has made it a requirement that the Company's Chief Executive Officer be located at its Corporate Headquarters in Cupertino, California. With this requirement, we respect Stephen Kelly's decision to work and reside in Europe at this time." "Stephen has been a key member of Chordiant's management team since 1997 and his leadership was instrumental in growing the Company from start-up in 1997 to $84 million at the end of Fiscal 2005. Under his guidance Chordiant has become a dominant leader in retail financial services. Today, Chordiant is growing with a winning strategy, strong business model and great customer traction," Mr. Spadafora said. Mr. Kelly will continue with the company through an orderly transition and remain as a Board member. Conference Call and Webcast Today, Wednesday, February 1, 2006 at 2:00 P.M. (Pacific Time) Chordiant management has scheduled a teleconference for Wednesday, February 1, 2006, at 2:00 P.M. (Pacific), 5:00 P.M. (Eastern) and 22:00 (London) to introduce its new Chief Executive Officer. This conference call will be webcast live for the public from Chordiant's website at the following link: http://www.veracast.com/webcasts/chordiant2/71554392.cfm. If you are unable to connect, use this link: http://www.chordiant.com. The public, industry analysts and media are invited to attend the conference on a listen-only basis. A phone replay will also be available for seven days after the live call at 303-590-3000, access code 11052749. About Chordiant Software, Inc.