Genisco Chief Peter J. Shaw to Leave Post
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Peter J. Shaw, president of the Genisco Computers Corp. unit of Genisco Technology Corp., is resigning to start a business development services company that will serve the high-technology industry.
Genisco officials said Shaw will remain with the company until April 18 and then will work with the Costa Mesa-based concern on a contract basis. Philip Halamandaris, president of Rancho Dominguez-based Genisco Technology, will assume the duties of president of Genisco Computers until a successor is named.
Shaw joined Genisco Computers in December, 1984, and “completed the job he was hired to do,” the company said in a prepared release. That task was to reorganize the company and return it to profitability. Under Shaw, the company narrowed its focus and now concentrates on government aerospace contracts, although it still provides design equipment for mechanical and electrical engineers and architects.
Profitable in 1986
Although the computer unit had been operating at a loss, it has been profitable since the beginning of 1986 and the company said it expects the unit to remain profitable.
For its fiscal year ended Sept. 30, Genisco Technology reported net income of $139,000, contrasted with a net loss of $1 million for the prior year.
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