Investor confidence in Geac Corp, the Canadian software company, took a severe dive on Monday as vice chairman Stephen Sadler, the mastermind behind Geac’s successful acquisition strategy, announced he would not be seeking re-election to the board. No reason was given for Sadler standing down from the board and consequently the shares fell 12.5% to a new 52-week low of $26.25 in Toronto as investors feared the worst. A former chief executive, Sadler left the top slot two years ago to focus purely on acquisitions. Much of Geac’s subsequent success has been built around its careful acquisition strategy that targets distressed software companies ripe for Geac style corporate turnarounds. A Geac spokesperson insisted Sadler would be continuing with the company in his current capacity. Sadler has been with Geac for ten years.
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