BURLINGTON, Mass., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Exa® Corporation, (Nasdaq:EXA) today announced that Edmond Furlong will resign as the company's Chief Operating Officer and Chief Financial Officer. Consistent with his career experience and aspirations and also his wide range of responsibilities at Exa prior to its initial public offering, Mr. Furlong intends to pursue broader operating roles outside of Exa. Mr. Furlong will remain in his current role with the Company through March 31, 2014 to ensure a smooth transition. The Company will be initiating a formal search process to fill the position on a permanent basis.
"We are grateful for the many contributions Ed has made to Exa over his nearly 10 years with the company," said Stephen Remondi, President and Chief Executive Officer of Exa. "Ed has been instrumental in building a world-class finance organization, helping to support and drive our growth over the last decade, and it was under his leadership that we conducted our successful initial public offering in June of 2012. I am pleased that Ed has agreed to remain with the Company for the next few months to ensure a smooth transition, and we wish him all the best in his future endeavors."
"It has been a privilege to be part of Exa's growth over many years," said Edmond Furlong, Chief Operating Officer and Chief Financial Officer of Exa. "I am proud of my achievements and have great confidence in Exa's future success. I have tremendous respect for the Company's leadership team and am committed to working with our finance team over the coming months to ensure a smooth transition."
About Exa Corporation
Exa Corporation develops, sells and supports simulation software and services to enhance product performance, reduce product development costs and improve the efficiency of design and engineering processes. Exa's simulation solutions enable their customers to gain crucial insight into design performance early in the design cycle, thus reducing the likelihood of expensive redesigns and late-stage engineering changes. As a result, Exa's customers realize significant cost savings and fundamental improvements in their engineering development process. Our products include, PowerFLOW®, PowerDELTA®, PowerCLAY®, PowerVIZ®, PowerSPECTRUM®, PowerACOUSTICS®, PowerINSIGHT®, PowerCASE™, PowerCOOL® and PowerTHERM® along with professional engineering consulting services. A partial customer list includes: AGCO, BMW, Ford, Hyundai, Kenworth, MAN, Nissan, Peterbilt, Renault, Scania, Toyota, Volkswagen, and Volvo Trucks.