Tilion Names Acting CEO

Taps Peter Shields, former CEO of Formation Systems

Maynard, MA  March 12, 2002  Tilion, a provider of supply chain event management solutions (SCEM), has named Peter Shields acting CEO.

Shields formerly was president and CEO of Formation Systems, a provider of product lifecycle management software solutions for the process industries. Dan Keelan replaced Shields at Formation at the end of January.

At Tilion, Shields replaced outgoing CEO Chris Stone, who re-joined software company Novell at the end of February but who will continue to serve as chairman of Tilion's board of directors.

"Tilion is in a great position and I am delighted to be onboard," said Shields. "The market opportunity for the supply chain event management sector is significant."

"Having Peter join the company is a real coup," said Dave Hathaway, managing general partner of Venrock Associates and an original co-investor in Tilion. "He brings a wealth of hands-on sales experience and domain expertise, and will be a great asset as Tilion continues to expand its base of customers."

While leading Formation Systems, Shields struck partnerships with companies such as The Coca-Cola Co., GE Plastics and Procter & Gamble. He also raised four rounds of venture financing, totaling more than $35 million.

Earlier in his career, Shields held the post of senior vice president of worldwide sales for Aspen Technology, a $300 million supplier of process design and supply chain systems. Before joining Aspen Technology, Shields worked at IBM.

Despite the words of praise for Shields from Tilion's investors and board members, the software company said it was continuing its search for a permanent CEO.