Technology services provider Computer Sciences Corp. said Tuesday that CEO Michael Laphen has informed the board he will retire but continue to serve until a successor is named.
Laphen, 61, is also retiring from his roles as chairman and president.
The board has formed a search committee and retained executive recruiting firm Heidrick & Struggles to advise the board on potential candidates.
Laphen, who began his career with CSC in 1977, will stay in his role no later than Oct. 31, 2012.
Before the announcement, CSC shares rose 52 cents, or 1.8 percent, to close at $30.11.