23

May 2013

ITS Restructures to Face New Macroeconomic and Business Dynamics

ITS Group Launches ‘Turnaround’ process of restructuring to rebuild goodwill with customers with executive management, employees, and shareholders; appoints L. John Loomis as new CEO.


​ITS today announced a ‘transformative’ restructuring of its business focus, organization model, processes and product positioning to meet new macroeconomic realities and prepare the company to embark on a profitable growth journey from 2013 onwards.

​The announcement today comes on the heels of an overhaul in the company's executive leadership and business plan when in April 2013, L. John Loomis took over the reins from Khaled Faraj Al-Saeid, who had been running ITS for two decades. Loomis, who comes to ITS with more than 20 years of executive management and leadership experience in the financial, technology, entertainment and communication industries, set forth and is rolling out a plan to align, focus and regain ITS' technology prowess and industry leadership.


"ITS is today rolling out a rejuvenated comprehensive business plan that will put the company back on track. This plan, which has been developed between April and May this year is set to reposition ITS as a profitable, cutting-edge IT and business solutions provider, producing and delivering to the highest standards of quality to meet customer demand," said L John Loomis, ITS' CEO. "Our business requires that we develop a more agile structure, focusing on quality and cutting edge technology products that satisfy all our stakeholders, from customers to shareholders and employees."

Coined the 'Turnaround,' this process of getting ITS prepared and ready to face new market realities has been expansive and current to industry needs and opportunities as new lines of business would bring new revenue streams, and a new industry positioning for ITS. The Turnaround, which is well underway today, aims to rebuild, reorganize and prepare for profitable growth, which the new company leadership projects to happen throughout 2014.

"Our new mission today and into the future is to be the world class strategic solutions provider for all IT and related business needs across all industries globally, based on sharia compliance," continued Loomis. "Built on a solid foundation of innovation, trust, respect, accountability and customer and shareholder satisfaction, we are focused on taking ITS into the global arena where we know that our business fundamentals are very competitive."

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