Bisys to replace CEO with a buyer

Bisys Group is taking a unique approach to replacing its departing CEO. It has opted to sell itself. Although the Roseland, N.J., financial services outsourcing firm has said it will look for a new CEO, it also hired Bear Stearns to sell the company. While also announcing that its 10-K filing will be delayed, CEO Russell Fradin gave his two-weeks' notice. Replacing him as interim CEO is chairman Robert Casale. Fradin will be gone by Labor Day weekend because he's slated to start his new job as CEO of human resources firm Hewitt Associates Inc. of Lincolnshire, Ill. on Sept. 5. —Matthew Wurtzel

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