MICHAEL COWPLAND QUITS as Corel chief executive
Tuesday August 15 5:50 PM ET
OTTAWA (CP) - Michael Cowpland, one of Canada's most flamboyant business executives, is quitting as chief executive of Corel Corp. (NasdaqNM:CORL - news), the Ottawa software company he founded in the 1980s.
Cowpland said in a statement he is resigning as president, chief executive and chairman of the board at Corel to dedicate his time and resources to new start-up opportunities, expecially in developing Linux software technologies.
Linux is touted as a substitute for Microsoft Windows software that runs most of the world's computer systems.
While Cowpland will no longer be involved in the operations of the company he founded, he will remain on the board as a director and as a technology adviser to Corel.
Derek J. Burney, a longtime executive with Corel and the company's chief technology officer, has been appointed interim chief executive and president.
"I am looking forward to dedicating more time to start-up ventures in the Linux arena," Cowpland said. "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."
"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."
The flamboyant Cowpland, one of Canada's high-tech pioneers, started Corel in the mid-1980s and led it to rapid growth through acquisitions. But in recent years, the company has consistently failed to meet financial targets while posting large losses and falling revenues as it lost its battle to compete against Microsoft.
Earlier this year, the company chopped hundreds of jobs in a move to cut costs as it faces a continuing cash crisis that threatens its future.
Cowpland has also come under fire from Ontario securities regulators, who have charged him with insider trading in Corel stock a few years ago. © The Canadian Press, 2000
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