CALABASAS, Calif. - Digital Insight President/CEO and Chairman John Dorman said if "retiring" means not working full-time for a single company where you get a regular paycheck, then that's what he's doing. But he plans to be very active in the next stage of his life. At 52, Dorman said he is fulfilling a lifelong plan to retire early from full-time work with one company. Digital Insight recently announced that it is instituting its succession plan to find Dorman's replacement. Dorman will stay on in the president/CEO capacity until a successor is named. He also plans to remain as chairman even after he leaves the company. Dorman, who had led DI for the last five years, said he and his wife plan to continue their already robust philanthropic efforts, and he will lend his entrepreneurial talents to some colleges in California. "I like mentoring young entrepreneurs," he said. Travel, and participation on both non-profit and corporate boards are also on his retirement wish list. He of course is a lifetime entrepreneur, having founded Treasury Services Corporation, which he later sold to IT giant Oracle back in 1997. Treasury Services Corporation built massive data warehouses to collect data out of the core processing solutions of large banks. Dorman said after selling his company in 1997 he thought that would signal his early retirement, but Digital Insight founder Paul Fiore and the board were very convincing in getting him to sign on. He committed for four years, and now in his fifth year he may even make it to six depending on when a successor is named. He led DI through a very interesting time to say the least, including four key acquisitions; taking the company public; and not to mention he was a chairman/CEO during a time where Wall St. malfeasance created new rules for how the boards of public companies operate. As for having the dual role of CEO and chairman, Dorman thinks it still can work. Digital Insight will separate the CEO/chairman roles when Dorman leaves, but he said that doesn't mean that's a new policy going forward. "I think it could work both ways, it depends a lot on the company and the board. If you have it combined, then I think you'll see most boards move toward having an appointed lead outside director that can chair meetings with the CEO there. Boards need to have that interaction." He said all the new rules and regs boards now have to follow are things well-run companies should have already been doing. When he came into the job, Dorman said his main goal was to take the company public, build a clear market leader in the space and create a sustainable longterm business. He feels he's done that. "We have clearly established our market leadership, turned the corner in profitability. We have a very strong business model that's quite sustainable," said Dorman. Despite what people might think, Dorman says DI is anything but a one trick pony. "We don't have a focus that is as narrow as people perceive it to be. We're a significant force in Internet banking, but we extended quite early into cash management for small business, online lending, and now we're branching out into loan origination and online customer service," said Dorman. Dorman said DI announced his plans early because they didn't want the rumor mill working over time. "The main reason was to have as orderly a transition as possible. We didn't want to run the risk of something leaking." He said the ideal president/CEO candidate will either be from a financial services firm successful with technology, or a technology firm successful serving the financial services industry. Candidates from the credit union industry will be considered seriously, said Dorman, as credit unions remain one of its core business segments. "Credit unions are the roots of Digital Insight. You need to serve both banks and credit unions, but credit unions are far and away the most important segment we service," said Dorman. Dorman and his wife are near completing a new home in Colorado. They plan to keep their existing home in Santa Monica. "The vision is to have a place on the beach and a place in the mountains." -firstname.lastname@example.org
Digital Insight's Dorman Led Company Through a Very Interesting Period
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