Forrester Research, Inc. (Nasdaq: FORR) today announced the appointments of Warren Hadley, 33, as chief financial officer and Timothy J. Moynihan, Esq., 32, as general counsel, effective February 16, 2002. Hadley and Moynihan succeed Susan Whirty Maffei, who will remain with Forrester as a consultant to the chief executive officer and board of directors. In a separate news release issued this morning, Forrester announced its fourth-quarter and year-end 2001 financial results.
“Susan came to me to discuss her desire to fulfill some of her personal long-term goals, and we began working together on a transition strategy,” said George F. Colony, chairman of the board and chief executive officer. “Susan has been a valued member of the Forrester management team, having held a variety of leadership roles at the company for the past nine years. I am very grateful for her wise counsel and leadership in helping to grow this company, and I am pleased that Susan will continue to consult with the board of directors and me. Although Susan will be missed, I appreciate her desire to accomplish the other objectives she has set for herself. Moreover, she has built a strong finance team that is prepared to lead the company in the years to come.”
“I have greatly enjoyed my time at Forrester and believe strongly in the company’s vision, strategy, and business prospects,” said Maffei. “Forrester always will be very important to me, and I am delighted to continue my involvement with the company in a consulting role as I pursue some of my creative interests and opportunities.”
“Warren has worked very closely with Susan and me for many years, including four years as the company’s outside auditor, and then six years in positions of increasing responsibility at Forrester,” said Colony. “With his extensive knowledge of the company and his strong financial acumen, Warren is the ideal candidate to take over for Susan in the CFO role. Similarly, Tim has been with Forrester for six years and has distinguished himself during the completion of a series of milestone events in the company’s history, including our IPO and secondary offering, as well as the Fletcher and Forit acquisitions. In addition, Warren and Tim already have the full confidence of the entire Forrester management team and board of directors,” concluded Colony.
Background On Hadley And Moynihan
Warren Hadley has been with Forrester since 1996 and has been director of finance at Forrester since 1999. In this position, Hadley managed annual budgeting and quarterly forecasting, reported regularly to the audit and compensation committees of the board of directors, directed the due diligence process in the acquisitions of Fletcher and Forit, and recently led the financial reorganization of Forrester into operating groups. In 2000, Hadley also was given the responsibilities of assistant treasurer, which included managing Forrester’s investments and its tax, stock options, and insurance programs. From 1996 through 1999, Hadley was Forrester’s corporate controller. Prior to joining Forrester, he served as an outside auditor to the company for four years, both as a consultant and as an audit manager for MacDonald, Levine, Jenkins. Previously, Hadley worked at Price Waterhouse for two years. A CPA since 1994, he holds a B.A. in accounting and an M.S. in taxation, both from Bentley College.
“I am very excited by the opportunity to expand my role at Forrester as chief financial officer,” said Hadley. “As CFO, I look forward to continuing Forrester’s commitment to regular communications with the investment community, as well as to working with Forrester’s senior management team to capitalize on our long-term growth opportunities.”
Tim Moynihan joined Forrester in 1996 as a legal intern and has served as corporate counsel since 1998, as assistant secretary from 2000 through 2001, and as secretary of the company since 2001. As corporate counsel, Moynihan managed the day-to-day operations of Forrester’s legal department, coordinated its secondary offering in 2000, directed the legal due diligence and documentation process in the acquisitions of Fletcher and Forit, and managed the company’s intellectual property assets. As secretary and assistant secretary, Moynihan has worked closely with the board of directors on a variety of matters, including coordinating the company’s board meetings and managing the corporate records. He holds a B.A. from Trinity College in Hartford, Conn., and a J.D. from the Boston College Law School. Moynihan is a member of the Massachusetts Bar Association.