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CEO of Mastech Holdings Inc. Resigns

CEO of Mastech Holdings Inc. Resigns

Thomas Moran has resigned as CEO, president and a director of Mastech Holdings Inc., the Findlay-based information technology and health care staffing services company said Thursday.

Moran, who joined Mastech in July 2009 and had been credited with boosting revenue, left to pursue other opportunities, the company said.

Sunil Wadhwani, Mastech's co-founder and board co-chairman, will be the interim CEO until a permanent replacement is named. A search is expected to be completed in 90 days.

Wadhwani couldn't be reached for comment. He holds a 27.7 percent ownership stake in the company, securities filings show.

"For the past two years, Tom has led the company through an unusually challenging environment," Wadhwani said in a statement. Mastech generated $42 million in revenue for the first six months of this year.

Mastech stock has been up and down in recent years, trading in the $3 range a year ago and above $5 this spring. Shares ended the day yesterday at $3.20, down 51 cents.

For the quarter ended June 30, Mastech made a $382,000 profit, or a penny a share, on $22.1 million in revenue. That compares to a $109,000 profit, or 3 cents, on $16.92 million in revenue a year ago.

Mastech went through multiple quarters of declining revenue after it was spun off in October 2008 from iGate Corp.

Wadhwani and Ashok Trivedi founded Mastech in 1986 to help place foreign workers into information technology and health care jobs in the United States. The company restructured into iGate in 2000, and the focus changed to helping U.S. companies move information technology and other departments overseas to cut costs.

The company later split in two, with iGate going to Fremont, Calif., and Mastech remaining a local base. Mastech maintains a database of 200,000 people and places several hundred each year with companies, mostly in the information technology field.


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