PADUCAH, Ky., March 1, 2021 – Computer Services, Inc. (CSI) (OTCQX: CSVI) announced today that Steven A. Powless will be named executive chairman of the board and David Culbertson will become chief executive officer of CSI, effective July 8, 2021, following the annual meeting of shareholders. Powless currently serves as chairman of the board and CEO and Culbertson is CSI’s president and chief operating officer.
“CSI’s board is very pleased that David Culbertson will soon become the company’s chief executive officer,” stated Powless. “Plans for David’s promotion to CEO started in 2016 as part of our board’s strategic review of our management succession plans. David was selected from a pool of almost 90 candidates from across the nation. He was the clear stand out, and we knew we had the right person for the role.”
As part of company’s planned transition, its audit, risk and acquisition teams will continue to report to Powless while the remainder of CSI’s teams will report to Culbertson. The Board’s plan is to transition these groups to Culbertson in July 2022, at which time Powless will continue as chairman of CSI’s board of directors.
“I’ve worked hard every day to prepare myself for this transition. I am honored and humbled to have been selected,” Culbertson said. “I’ve spent my entire career at CSI, and I’m committed to our ongoing success.”
Powless said the board is very confident in Culbertson’s expanded role as CSI’s CEO: “He has more than 31 years of experience with the company and was promoted to chief operating officer in April 2017 and president in June 2018. He was then named to CSI’s board of directors in September 2020 and has demonstrated his leadership as both a board member and president of the company.
“CSI recently reported record results for our third fiscal quarter ending November 30, 2020, and we expect fiscal 2021 to mark our 21st consecutive year of record revenues and our 23rd consecutive year of record earnings. We remain very positive about CSI’s future under the leadership of David Culbertson and our teams at CSI. David is well known and respected by employees, customers, prospects and industry leaders, and has a vision for the future that will help ensure our ongoing success. We will not miss a beat as a company when this transition occurs,” Powless concluded.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers innovative financial technology and regulatory compliance solutions to financial institutions and corporate customers across the nation. Through a combination of expert service, cutting-edge technology and a customer-first mentality, CSI excels at driving businesses forward in a rapidly changing industry. CSI’s expertise and commitment to authentic partnerships has resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, American Banker’s Best Fintechs to Work For and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.
This news release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements except historical statements contained herein constitute “forward-looking statements.” Forward-looking statements are inherently uncertain and are based only on current expectations and assumptions that are subject to future developments that may cause results to differ materially.
Readers should carefully consider: (i) economic, competitive, technological and governmental factors affecting CSI’s operations, customers, markets, services, products and prices; (ii) risk factors affecting the financial services information technology industry generally including, but not limited to, cybersecurity risks that may result in increased costs for us to protect against the risks, as well as liability or reputational damage to CSI in the event of a breach of our security; (iii) risk factors affecting the United States economy generally including without limitation acts of terrorism, military actions including war, and viral epidemics and pandemics that alter human behaviors, including the COVID-19 pandemic and its effect on our business operations and financial results; (iv) increasing domestic and international regulation imposing burdensome requirements regarding the privacy of consumer data especially consumer financial transaction data of which CSI possesses substantial quantities; and (v) other factors discussed in CSI’s Annual Reports, Quarterly Reports, news releases and other documents posted from time to time on the OTCQX website (www.otcmarkets.com), including without limitation, the description of the nature of CSI’s business and its management discussion and analysis of financial condition and results of operations for reported periods. Except as required by law or OTC Markets Group, Inc., CSI undertakes no obligation to update, and is not responsible for updating, the information contained or incorporated by reference in this report beyond the publication date, whether as a result of new information or future events, or to conform this document to actual results or changes in CSI’s expectations, or for changes made to this document by wire services or Internet services or otherwise.