NEWS RELEASE TRANSMITTED BY CCN - A NEWSWIRE SERVICE OF ITG
FOR: COREL CORPORATION
TSE SYMBOL: COR
NASDAQ SYMBOL: CORL
AUGUST 15, 2000 - 17:30 EDT
Dr. Michael Cowpland Steps Down as Corel President, CEO &
Chair of the Board
OTTAWA, CANADA--Dr. Michael Cowpland announced today his
resignation as President, Chief Executive Officer and Chair of the
Board of Corel Corporation (NASDAQ: CORL, TSE: COR) in order to
dedicate his time and resources to new start-up opportunities. Dr.
Cowpland will no longer be involved in the operations of the
company but will continue as a director and as a technology
advisor to Corel.
Mr. Derek J. Burney, formerly executive vice-president,
engineering and chief technology officer of Corel has been
appointed interim CEO and president. While holding the CEO title
only on an interim basis, Mr. Burney will have full authority to
execute strategies in consultation with a newly-established Board
Committee.
"I am looking forward to dedicating more time to start-up
ventures in the Linux arena. It is exciting to see major industry
players like IBM, Dell, and Hewlett-Packard are endorsing Linux on
the desktop. This further validates Corel's pioneering efforts to
deliver Linux to the mainstream," said Dr. Cowpland. "I will
continue to work closely with Corel and its affiliates and I have
total confidence in Derek's ability to carry the company forward
with vision, leadership and focus."
Mr. James Baillie and Mr. Larry O'Brien have been appointed to the
Board of Directors following the acceptance of the resignation
from the Board of Directors of Mr. William G. Davis for personal
reasons. Mr. Baillie is Counsel to Torys. Mr. O'Brien is Chairman
of CALIAN Technology Ltd.
Mr. Baillie has been appointed as Chair of the Board of Directors
and Mr. Lyle Blair as Vice Chair.
The Board Committee, comprised of Messrs. Baillie, Blair, O'Brien
and Mr. Hunter Grant, has been appointed to:
1. Conduct a search for a permanent CEO, with existing officers to
be considered as candidates.
2. Review the composition of the Board of Directors.
3. Work with Mr. Burney, Mr. John Blaine, Corel's Chief Financial
Officer, other members of the executive management and outside
advisors as appropriate to refine the strategic direction of
Corel.
Mr. Burney has been with Corel since 1993. During his time with
the company, he has been responsible for the development of
Corel's award-winning product line, including a wide range of
productivity, graphics and Internet software for the corporate and
retail markets, in addition to its line of Linux applications.
"I have had the privilege of working closely with Mike Cowpland
over the past seven years. I share his enthusiasm for Corel and
its long-standing tradition of technology excellence and
innovation," said Mr. Burney. "I'm excited to take on this
challenge. With our dedicated team of talented employees and a
renewed focus on our core product lines, we are poised to
capitalize on the exciting opportunities that lie ahead ."
Corel Corporation |
