Bloomberg News is reporting Novell has replaced replaced its chief executive officer and finance chief after they failed to revive profit and sales growth.
President Ronald Hovsepian, 45, will take over from CEO Jack Messman effective immediately, Novell said today in a statement. Dana Russell, 44, was appointed interim CFO, replacing Joseph Tibbetts. Director Thomas Plaskett will become chairman.
Messman, 66, struggled to transform the Waltham, Massachusetts-based company into a seller of Linux software that could rival Red Hat Inc. Novell last month said third-quarter profit may miss analyst estimates as new product sales trailed expectations, disappointing investors for a second straight quarter. The shares slumped 15 percent the day after the May 31 announcement and 17 percent after the March report.
Karl's version of Parkinson's Law: Work expands to exceed the time alloted it.