Kevin Hesselbirg to continue as Vice Chairman of the Board of Directors
Uniondale, NY – July 2, 2012 – OpenLink Financial LLC (OpenLink), the leading provider of cross-asset trading and risk-management software and services for energy, commodity, and financial service companies, today announced that Kevin Hesselbirg has decided to step down as CEO and that a formal search process for his successor is underway. Upon appointing a successor, Mr. Hesselbirg will become Vice Chairman of the Board and continue in an active advisory role for the company’s senior management and Board of Directors.
In announcing this transition, Mr. Hesselbirg said, “It’s been over a decade of intense growth, product innovation and company building. I am very proud of the accomplishments of the OpenLink team over this time period as we have grown revenues from $16 million in 1999 to over $325 million today, and established ourselves as the clear market leader in our sector, servicing a world-class customer base with approximately 30,000 users worldwide, and building an organization of over 1,250 valuable employees. But CEO succession is a necessary responsibility and critical component to the long-term strategy of any growing, successful company, and I believe that now is the right time to transition the leadership of OpenLink to a new executive that can bring fresh energy, experience and ideas to help lead the Company into its next decade of growth. This Company, its customers, and its employees are very important to me, and I look forward to continuing to serve OpenLink as CEO during this transition period, and then as Vice Chairman and an active advisor in the years ahead.”
OpenLink also announced today that Robert B. (Brad) Henske, a Managing Director of Hellman & Friedman LLC, OpenLink’s largest investor, will become Chairman of the Board of OpenLink to oversee the transition. Mr. Henske said, “Under Kevin’s leadership, OpenLink has grown into the market leading provider of E/CTRM solutions and services it is today. We celebrate and honor his period of leadership of OpenLink and are gratified that we’ll be able to have the benefit of his skills in the future on the Company’s Board.”
This management transition is an important step in the next era for OpenLink as it continues to build its capabilities and capacity in the dynamic markets for trading and risk management solutions to the energy, commodity, and financial markets and industries globally. OpenLink is committed to continuing to provide the most effective and comprehensive solutions and services for its customers’ needs. Both through its recent acquisitions and industry leading investment in new innovative and platform extending solutions and technology, OpenLink has continued to improve its E/CTRM market share, and evolution of its market leading solutions across all its product lines.
Mr. Hesselbirg joined OpenLink in 1999. He first served as the company’s Chief Financial Officer. In 2001, Mr. Hesselbirg became Chief Operating Officer and in 2007 Chief Executive Officer. During his tenure at OpenLink, the company grew from less than $20 million in revenues and 100 professionals to over $325 million in revenues, a global team of over 1,250, and over 500 global customers. OpenLink has won numerous awards including being recognized in the ETRM Leaders Quadrant published by Gartner, ranked No. 1 C/ETRM Software House by Energy Risk, and received the Commodity Business Award for Excellence in CTRM from Commodities Now.
Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York and London. Since its founding in 1984, H&F has raised, and through its affiliated funds, managed over $25 billion of committed capital, including its current seventh fund, with approximately $9 billion of committed equity capital. The Firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries, including software, internet & digital media, financial services, business & marketing services, insurance, media, healthcare and energy & industrials. OpenLink is H&F’s tenth software investment in twelve years. Representative investments in the software sector include Activant Solutions, Inc., ellucian Incorporated, Intergraph Corporation, Kronos Incorporated and Vertafore Corporation.
For more information on Hellman & Friedman, please visit: http://www.hf.com/