American Software, Inc. Announces Resignation of Executive Chair Jim Edenfield

Rhea-AI Summary

American Software, Inc. (AMSWA) co-founder and Executive Chairman, James C. Edenfield, steps down after 50 years of leadership. The Board appoints James B. Miller, Jr. as Chair. Edenfield will continue as an advisor. The company's corporate structure review is ongoing.

ATLANTA--(BUSINESS WIRE)-- The Board of Directors of American Software, Inc. (NASDAQ: AMSWA), a leading provider of innovative AI-powered supply chain management and advanced retail planning platforms, announced today that the company’s co-founder, Executive Chairman and Treasurer, James C. Edenfield, has elected to step down from the Board and as the company’s Treasurer, after over 50 years of leadership for the company. Mr. Edenfield submitted a letter of resignation, which the Board accepted today. Mr. Edenfield will continue as an advisor to the company and its Board.

Mr. Edenfield is an original co-founder of the company, dating back to 1970, when Mr. Edenfield and Dr. Thomas L. Newberry, IV, formed the predecessor to the company and served on its Board, with Mrs. Norma Edenfield and Mrs. Evelyn Newberry. Mr. Edenfield, together with Dr. Newberry, pioneered the development and use of manufacturing and distribution planning and execution software applications; which were foundational for the supply chain management software industry as a whole, above and beyond being foundational for the company.

For decades, Mr. Edenfield served as the company’s Co-Chief Executive Officer, President and Treasurer. He oversaw the company’s growth, its initial public offering in 1983, global expansion and successfully led the company through rapid and enormous changes in the business and industry.

The Board announced that James B. Miller, Jr., a member of the Board since 2002, has agreed to serve as the Chair of the Board, effective today.

"Jim Edenfield has been a leader, mentor and friend through the decades I have known him,” said Allan Dow, CEO of American Software. “We are glad that Jim will continue to advise our Board and me and are grateful for his half a century of service to the company. We’re also thankful for Jim Miller’s willingness to step up as our Board Chair and look forward to his leadership in this transitionary period.”

This announcement does not affect the company’s previously announced Nomination and Corporate Governance Committee review of the Company’s corporate structure and dual class structure. The Committee expects that the completion of that work can be announced prior to the annual shareholder meeting.

About American Software

Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entity Logility, delivers prescriptive demand, inventory, manufacturing, and supply planning tools – helping to provide executives the confidence and control to increase margins and service levels, while delivering sustainable supply chains.

Serving clients such as Big Lots, Carter’s, Destination XL, Hostess, Husqvarna Group, Jockey International, Johnson Controls, Parker Hannifin, Red Wing Shoe Company, Spanx, Dole Fresh Vegetables, Inc., and Fender Musical Instrument Co, our solutions are marketed and sold through a direct sales team as well as an independent global value-added reseller distribution network.

Logility’s supply chain planning platform leverages Generative AI, advanced AI-driven algorithms, and machine learning. Our engineered approach drives team alignment for over 800 customers in 80 countries with prioritized, value-focused outcomes. For more information about Logility, please visit www.logility.com. You can learn more about American Software at www.amsoftware.com or by calling (404) 364-7615 or email kliu@amsoftware.ocom.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to substantial risks and uncertainties. There are a number of factors that could cause actual results or performance to differ materially from what is anticipated by statements made herein. These factors include, but are not limited to, continuing U.S. and global economic uncertainty and the timing and degree of business recovery; the irregular pattern of American Software’s revenues; dependence on particular market segments or clients; competitive pressures; market acceptance of American Software’s products and services; technological complexity; undetected software errors; potential product liability or warranty claims; risks associated with new product development; the challenges and risks associated with integration of acquired product lines, companies and services; uncertainty about the viability and effectiveness of strategic alliances; American Software, Inc.’s ability to satisfy in a timely manner all Securities and Exchange Commission (SEC) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; as well as a number of other risk factors that could affect American Software’s future performance. For further information about risks American Software could experience as well as other information, please refer to American Software, Inc.’s current Form 10-K and other reports and documents subsequently filed with the SEC. For more information, contact: Kevin Liu, American Software, Inc., (626) 657-0013 or email kliu@amsoftware.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221799638/en/

Investor Contact:

Kevin Liu

kliu@amsoftware.com

(626) 424-1535

Source: American Software, Inc.

FAQ

Why did James C. Edenfield step down from American Software, Inc. (AMSWA)?

James C. Edenfield elected to step down after over 50 years of leadership for the company.

Who is the new Chair of the Board of American Software, Inc. (AMSWA)?

James B. Miller, Jr. has been appointed as the new Chair of the Board.

What is the impact of James C. Edenfield's resignation on American Software, Inc. (AMSWA)?

James C. Edenfield will continue as an advisor to the company and its Board.

What is the status of the corporate structure review at American Software, Inc. (AMSWA)?

The review of the company's corporate structure and dual class structure is ongoing.

When was American Software, Inc. (AMSWA) founded?

American Software, Inc. was founded in 1970 by James C. Edenfield and Dr. Thomas L. Newberry, IV.

When did American Software, Inc. (AMSWA) go public?

American Software, Inc. went public in 1983.

Who is Allan Dow in relation to American Software, Inc. (AMSWA)?

Allan Dow is the CEO of American Software, Inc.

What is the role of James B. Miller, Jr. in American Software, Inc. (AMSWA)?

James B. Miller, Jr. is a member of the Board and has agreed to serve as the Chair of the Board.

How long has James C. Edenfield been with American Software, Inc. (AMSWA)?

James C. Edenfield has been with the company for over 50 years.

What is the significance of James C. Edenfield's contribution to American Software, Inc. (AMSWA)?

James C. Edenfield, together with Dr. Newberry, pioneered the development and use of manufacturing and distribution planning and execution software applications for the supply chain management software industry.

What is the future outlook for American Software, Inc. (AMSWA) after James C. Edenfield's resignation?

The company's Nomination and Corporate Governance Committee is reviewing the corporate structure, with further updates expected before the annual shareholder meeting.