Lionbridge Technologies, Inc announced that, following his successful 21-year tenure as Chief Executive Officer, Rory Cowan, Founder of Lionbridge, will retire as CEO. Mr. Cowan will remain as Chairman of the Lionbridge Board of Directors.
The Company also announced that John Fennelly was named President and Chief Executive Officer, effective July 24, 2017. Mr. Fennelly has more than 30 years of industry leadership experience, most recently as CEO of HireRight, a $400 million technology services company, where he drove revenue and earnings growth and gained a reputation as an exceptional leader focused on customers, people and culture. Prior to HireRight, Fennelly held executive leadership positions at a number of leading information services and technology companies including Thomson-Reuters, and Sungard.
“Lionbridge is a vibrant, growing global market leader and I am delighted to have the opportunity to lead the Company through the next phase of its evolution. As new technology accelerates the role of translation and global communication there is tremendous growth potential for Lionbridge,” said Fennelly. “Rory has built an amazing company and leaves a considerable legacy and I look forward to working with him in his new role as Chairman.”
To ensure a smooth CEO transition, Cowan will work with Fennelly throughout 2017 and remain closely involved with the business. Rich Tobin, Lionbridge’s COO of Global Translation and Marketing Services, and Marc Osofsky, Lionbridge’s COO of Global Offerings will continue in their current roles. Clemente Cohen has been appointed as the Company’s CFO after the planned departure of Lionbridge’s CFO Marc Litz following the Company’s transition from a publicly-traded company to a private company.
Cowan founded Lionbridge in 1996 following a spin-out from RR Donnelley and Stream International, and led the Company’s growth from $18 Million and less than 30 employees to become the market leader in translation and global communication services with over $550 Million in revenue, and more than 6,000 employees across operations in 27 countries. Lionbridge was recently named the world’s largest language service provider for the fifth consecutive year by industry research firm, Common Sense Advisory.
Throughout his tenure as CEO, Cowan successfully led the Company’s strategy of global organic growth across end markets and offerings, completed more than 20 strategic acquisitions and led the Company through three public offerings before taking the Company private in its recent acquisition by H.I.G. Capital earlier this year.
“As the market leader in a growing industry Lionbridge has a bright future ahead,” said Rory Cowan, CEO. “We have spent the past few years making important organizational changes to support an effective transition. We created strategic business units to provide an intimate market focus for our clients. And we found a new, long-term capital partner in H.I.G. Capital to support our strategic growth objectives. In my role as Chairman I look forward to working with John and the rest of the Lionbridge leadership team and supporting the Company’s continued growth and leadership.”