Stock Repurchase Program Announces Change
<strong>Mountain View, Calif. — Aug. 22</strong><br />SumTotal Systems, a global provider of talent and learning management solutions, has been authorized by its board of directors to institute a stock repurchase program whereby up to $15 million of its common stock may be repurchased in the open market, depending on market conditions and prevailing stock prices.<br /><br />”The repurchase program announced today reflects the board of directors' continued confidence in the Company's prospects and commitment to enhancing shareholder value,” CEO Don Fowler said. “At the levels at which our stock has been trading recently, we believe that our company is undervalued.”<br /><br />The company also announced that David Crussell, its chief operating officer, will be departing the company. Crussell will complete various transitional activities and will leave SumTotal to pursue other interests by the end of the year.<br /><br />
