Oct. 16, 2009 (Business Wire) -- The Board of Directors of Charles River Associates (Nasdaq: CRAI) today announced that James C. Burrows has decided to step down from his positions as President, Chief Executive Officer and Director of CRA, and will become Vice Chairman. The Board of Directors has elected Chief Operating Officer Paul Maleh to succeed Dr. Burrows as President and CEO, and has appointed Mr. Maleh to the Company’s Board of Directors. The transition will be effective at the end of November 2009 in conjunction with the start of CRA’s 2010 fiscal year.
“Thanks to the foresight and leadership of Jim Burrows, Charles River Associates is the gold standard in economic and management consulting,” said Rowland T. Moriarty, Chairman of the Board. “Jim has been with CRA since 1967, shortly after it began operations. After he became head of the litigation practice in 1987, he led the growth of that practice to become one of the leading practices in the industry. After he took over as CEO in 1995, he transformed a regional, analytical firm into a global leader in economic and management consulting. He has created a legacy that we are immensely proud of and look forward to leveraging as we enter the next phase of CRA’s development. We are pleased that Jim has agreed to continue with CRA as Vice Chairman.”
“After a carefully planned and thorough selection process, which included both internal and external candidates, our Board of Directors determined that Paul Maleh was the ideal candidate to succeed Jim,” added Mr. Moriarty. “Paul is an experienced, energetic, and talented leader who has been an integral member of our management team for more than a decade. As Chief Operating Officer, he demonstrated strong leadership in a challenging environment and a passion for our Company. On behalf of the Board, we congratulate Paul and look forward to benefitting from his vision and proven abilities in the years ahead.”
Mr. Maleh, 45, joined the firm in 1989 as an Associate in the Energy Practice. Most recently, he served as Chief Operating Officer (COO). Prior to that appointment, he led the Company’s Finance Practice through a period of unprecedented growth. In addition to his management experience, Mr. Maleh is a recognized authority in the application of financial and economic theory to complex business matters.
“It is truly an honor to be selected to lead this Company alongside such a dedicated and talented team of colleagues,” said Mr. Maleh. “In my 20 years with the firm, the CRA brand has maintained a stellar reputation for quality and excellence, and I look forward to extending that tradition. In addition, I have tremendous personal respect and admiration for the steady hand and guidance that my friend, mentor and colleague, Jim Burrows, has provided me and this Company.
