Paragon Home Insurance Group

BluePhoenix Solutions Appoints New CEO

)--BluePhoenix Solutions (NASDAQ: BPHX), the leading provider of value-driven legacy IT modernization solutions, today announced that Shimon Bar-Kama has been appointed as BluePhoenix’s new Chief Executive Officer, effective immediately. Bar-Kama replaces Arik Kilman, who as previously announced is retiring.

“I am aware of the challenges that BluePhoenix is facing, and I am excited about enthusiastically tackling these challenges with a determination to return the company to profitability. Our focus will be on creating value for all of our stakeholders, which includes our employees, customers, vendors, and shareholders”

“Shimon is a proven leader who has demonstrated his value to the company in his service to the Board this past year,” said Eric Green, Chairman of the Board. “The Board believes that Shimon has the skills required to engineer a successful turnaround at BluePhoenix. We look forward to Shimon’s leadership as we refocus our efforts on our core legacy IT modernization solutions, and work to control costs as we drive the company back toward profitability.”

Shimon Bar-Kama has served as a CEO, Director, and a Partner in several companies and industries over the last 25 years. Both as a CEO and active Board member, Bar-Kama has extensive experience in corporate turnarounds and restructurings. Most recently as a Partner and general manager of Paragon Consultancy, Bar-Kama has worked as a strategic consultant to global companies operating in high-tech industries. He graduated with an Aeronautical Engineering degree from Technion in Haifa, IL. Additionally, Bar-Kama served as an Israeli Air Force Fighter Pilot, both in regular and reserve service, for 32 years.

“I am aware of the challenges that BluePhoenix is facing, and I am excited about enthusiastically tackling these challenges with a determination to return the company to profitability. Our focus will be on creating value for all of our stakeholders, which includes our employees, customers, vendors, and shareholders,” said Bar-Kama.

Housing strategy is a step in the right direction say Paragon ...

Commenting on the strategy, Paragon Group Chief Executive Nigel Terrington says: “We welcome any measures that will help stimulate both the housing and mortgage markets. It is clear that the UK has a serious housing problem, with not enough homes being built and a lack of mortgage finance. Current housing completions simply aren’t sufficient to meet forecast household formations, so a commitment to build thousands of new homes is a positive start, whilst plans to support homebuyers through the mortgage indemnity scheme will stimulate the first time buyer market. It is crucial to the success of the mortgage market and the economy that we have a housing market in balance and with growth options across both the rental and owner-occupied sectors.

“It is pleasing that the Government has recognised the important role the private rented sector plays in providing a home to millions of renters and that Housing Minister Grant Shapps has acknowledged landlords already comply with a comprehensive set of regulations. With tenant demand at the highest level we have seen in modern times and likely to grow further, despite the first-time buyer initiative, it is important that the private rented sector has a committed base of investor landlords to enable it to grow, and fostering a fiscal and regulatory environment that encourages that is vital. Institutional investment will only play a complementary role to the mainstay of the private rented sector, the private landlord, and so whilst there is a focus on attracting greater levels of institutional investment into the sector, policies must not favour institutions over individuals.”

The Government and businesses must adopt a two-pronged approach to deliver both short and long-term solutions to the housing crisis, the CBI said. In its report,Unfreezing the housing market,the UK’s leading business group says boosting housing activity could be a major game-changer for growth and economic recovery. And a well-functioning housing market is a critical [...

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