OMEN
07-08-2008, 09:57 PM
Diane Greene, who is out, was a co-founder of VMware in 1998
VMware Inc. announced today that its co-founder and CEO Diane Greene is being replaced by former Microsoft Corp. executive Paul Maritz. Maritz was also immediately appointed to VMware's board of directors.
As news of Greene's departure spread, shares of VMware dropped sharply. The stock closed just above $53 a share yesterday; at 1 p.m. EDT today it was trading at about $38.50 per share.
VMware was purchased by EMC Corp. in 2004 for $635 million and saw triple-digit growth rates the following year -- dramatically adding to EMC's revenue. EMC sold off 10% of VMware in February 2007 in an IPO and used the money for stock compensation for its employees as well as a way to boost the stock price.
EMC did not immediately offer an explanation for Greene's abrupt departure.
In a statement, EMC CEO Joe Tucci said, "Diane guided the creation and development of a company that is changing the way that people think about computing. The board thanks her for her considerable contributions to VMware and wishes her every success in the future."
Vmware was founded by Greene and four others in 1998. Greene had previously worked for Silicon Graphics, Sybase and Tandem and was CEO of VXtreme. Her degrees include mechanical engineering, naval architecture and computer science from the University of Vermont, MIT and the University of California at Berkeley.
Tucci said: Maritz's experience and track record in the software industry would help "lead VMware to its next stage of growth and development. He has decades of experience building one of the greatest franchises in software history -- Windows. Paul was instrumental as part of the core executive leadership team in building much of Microsoft's success."
Maritz retired from Microsoft in 2000. During his 14 years there, he managed the development and marketing of many of the company's major products, including the releases of Windows 95 and Windows NT.
In 2003, Maritz founded Pi Corp., a start-up software company focused on building Cloud-based technology for new ways of doing personal information management. EMC acquired Pi in February 2008, and Maritz became president of the EMC Cloud division.
VMware expects to announce earnings for the quarter ending June 30 on July 22. Maritz is expected to comment at that time about the company's plans for the second half of 2008, EMC said.
Compworld
VMware Inc. announced today that its co-founder and CEO Diane Greene is being replaced by former Microsoft Corp. executive Paul Maritz. Maritz was also immediately appointed to VMware's board of directors.
As news of Greene's departure spread, shares of VMware dropped sharply. The stock closed just above $53 a share yesterday; at 1 p.m. EDT today it was trading at about $38.50 per share.
VMware was purchased by EMC Corp. in 2004 for $635 million and saw triple-digit growth rates the following year -- dramatically adding to EMC's revenue. EMC sold off 10% of VMware in February 2007 in an IPO and used the money for stock compensation for its employees as well as a way to boost the stock price.
EMC did not immediately offer an explanation for Greene's abrupt departure.
In a statement, EMC CEO Joe Tucci said, "Diane guided the creation and development of a company that is changing the way that people think about computing. The board thanks her for her considerable contributions to VMware and wishes her every success in the future."
Vmware was founded by Greene and four others in 1998. Greene had previously worked for Silicon Graphics, Sybase and Tandem and was CEO of VXtreme. Her degrees include mechanical engineering, naval architecture and computer science from the University of Vermont, MIT and the University of California at Berkeley.
Tucci said: Maritz's experience and track record in the software industry would help "lead VMware to its next stage of growth and development. He has decades of experience building one of the greatest franchises in software history -- Windows. Paul was instrumental as part of the core executive leadership team in building much of Microsoft's success."
Maritz retired from Microsoft in 2000. During his 14 years there, he managed the development and marketing of many of the company's major products, including the releases of Windows 95 and Windows NT.
In 2003, Maritz founded Pi Corp., a start-up software company focused on building Cloud-based technology for new ways of doing personal information management. EMC acquired Pi in February 2008, and Maritz became president of the EMC Cloud division.
VMware expects to announce earnings for the quarter ending June 30 on July 22. Maritz is expected to comment at that time about the company's plans for the second half of 2008, EMC said.
Compworld