It's good to be back, said George Klaus, now the two-time CEO of Epicor Software Corp.
"My first choice would have been that I didn't have to be back because the company was doing better," he explained. But when Epicor's board of directors asked him in January to end his nascent retirement and return to the helm, where he had been from 1996 until early 2008, Klaus accepted the challenge.
Officials at the mid-market ERP provider may want to forget the 11 months when he was gone. In early 2008, the company brought Thomas Kelly into the lead role, while Klaus retained his board seat and retired from day-to-day management. Epicor was soon hit by a perfect storm: The economy flatlined, its stock sank, and a private equity firm launched an aggressive bid to take over the company.
In the opening salvo of what would become a protracted buyout battle, private equity firm Elliott Associates in October 2008 offered to buy Epicor for $9.50 per share. The board rejected that offer as well as a subsequent proposal from Elliott of $7.50 per share.