CA Technologies is launching a search to replace chief executive Bill McCracken, who took over the software maker after the recession and oversaw a period of robust profits.
CA, Long Island's largest public company by stock market value, plans to enlist an executive-search firm to replace McCracken, 69, who has been chief executive since January 2010. Company officials expect him to remain at the helm at least until his contract expires in March, a person familiar with the situation said.
In a statement, the company said, "As you would expect from any public company, CA Technologies Board of Directors and Bill McCracken are engaged in a succession planning process in which internal and external candidates will be reviewed."
McCracken had been serving as CA's board chairman when he replaced the company's previous chief executive, John A. Swainson, who was hired in 2004 to restore the company's reputation after an accounting scandal.
Despite the leaden economy, McCracken has steered CA to rising profits during his 29 months at the wheel. Net income at the company has jumped 23 percent, to $951 million, between March 2010 and 2012. Sales have climbed 13.9 percent, to $4.8 billion.
McCracken, who lives in Warren, N.J., was paid $8 million for the year ended March 2011. He spent the bulk of his career, 36 years, at IBM.
CA, based in Islandia, has about 1,525 employees on Long Island and close to 14,000 employees worldwide, including in Silicon Valley, India and Korea. It sells software to large corporations, including programs to run mainframe computers and manage cybersecurity.
The company's recent growth has stemmed in part from buying a string of smaller technology businesses, including Interactive TKO Inc., a Texas company it bought in August for $317 million.
CA has expanded its customer base, meanwhile, by pushing into markets in Asia and Latin America. The company derived 62 percent of its revenue from North America during 2011; 38 percent came from international sales.
The total value of CA's shares is $12.05 billion. News of the executive search was reported by The Wall Street Journal after the stock market's close. CA's shares rose 1 cent in late trading.
The company was incorporated in 1974 and went public in 1981. It was named Computer Associates until 2006, when it changed its name in the wake of the accounting scandal, which led to a 12-year federal prison sentence for the company's former chief executive, Sanjay Kumar.