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Infodata Systems Inc.'s reorganization of its senior management has not pacified most of the company's disgruntled investors.
Ronald Furman last month stepped down as CEO but retained his titles as chairman and treasurer. Harry Kaplowitz, the company's president and chief operating officer, took over as CEO.
"It's more a cosmetic change than anything," said Michael Jones, a partner at Clover Capital Management Inc. and an Infodata shareholder and former director. Jones resigned from his position last year, saying he was frustrated with management and the board's unwillingness to change.
"No new players are being introduced," Jones said. "They're just shuffling around the senior managers' duties."
Despite that, Jones said he supports the change.
"It's a positive move," he said. "Kaplowitz is a fairly capable executive. One of the things he should do is consolidate executive operations in Falls Church (Va.) from Pittsford. Unfortunately, it's not going to happen because Furman is staying on as chairman and treasurer, and he will want to keep executive operations here."
"We'll have to wait and see what happens down the road," said Richard Greene, executive vice president and treasurer at the University of Rochester, which owns 100,000 shares of convertible stock, representing 16.3 percent of Infodata's common shares.
"I don't even regard it as a token gesture to shareholders," said David Brigham of El Paso, Texas, who manages 80,000 shares for investors. "The company is still in the control of the same people, and I don't think they intend to change.
"From the inception of the company it's been run by Furman and his cronies, who have had a minimum of four of the seven votes on the board."
Furman defended the company's performance and future plans, saying Kaplowitz's new job represents an important development for the company.
"Harry Kaplowitz's appointment reflects his experience at the company and his strong management skills," Furman said. "He is...