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November 24, 2005
ST. LOUIS -- The Board of Directors of SAVVIS, Inc. (NASDAQ:SVVS), today announced that it has completed the independent investigation being conducted by SAVVIS' Audit Committee into the American Express lawsuit and it has accepted the resignation of Robert A. McCormick, Chairman and Chief Executive Officer effective today.
The company also announced that Jack Finlayson will continue as Acting Chief Executive Officer. Mr. Finlayson has served as SAVVIS' President and Chief Operating Officer and as a director of the company since January 2000.
As previously announced, the SAVVIS Audit Committee had undertaken an investigation into a claim brought by American Express against SAVVIS involving disputed charges made two years ago on an American Express card issued to Mr. McCormick, then SAVVIS Chairman and CEO.
"The Board has determined that it is in the best interest of the Company to accept Mr. McCormick's resignation," said Clyde Heintzelman, Chairman of SAVVIS' Audit Committee. "We appreciate Mr. McCormick's contribution to the Company and wish him well in his future endeavors. In the interim, Jack Finlayson will continue to serve as Acting CEO. We are confident that Jack will continue to display the leadership, character and customer focus that he has demonstrated over the last six years at SAVVIS."
Commenting on the results of the investigation, Heintzelman said, "The Audit Committee has conducted a thorough review of the American Express matter. We are confident that the actions taken by the Board are appropriate and in the best interest of the Company, its shareholders, customers, and partners."
In addition, the investigation reconfirmed that Mr. McCormick did not submit the charges in question to SAVVIS for reimbursement and that SAVVIS has not made any payment to American Express related to the charges.
As part of the management change announcement, SAVVIS reaffirmed its dedication to upholding the highest ethical standards for its employees and its operations, and its commitment to maintaining its reputation and integrity in the marketplace.
SAVVIS does not intend to comment further on this matter pending resolution of the American Express lawsuit, which is still in litigation.
Savvis Communications Corp.
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