Network Associates' CEO to Be A Technology Veteran, Samenuk
By LISA BRANSTEN Staff Reporter of THE WALL STREET JOURNAL
Network Associates Inc., the maker of security and anti-virus software that recently surprised investors with a surprise loss and executive departures, named technology veteran George Samenuk as chief executive officer, effective immediately. Mr. Samenuk, 45 years old, takes over the reins of the Santa Clara, Calif. company as it goes through one of the most difficult periods in its history. Last week investors lopped more than 60% off the company's market value after it forecast an unexpected fourth-quarter loss and the resignations of William Larson, its chairman and CEO; Peter Watkins, its president and chief operating officer; and Prabhat Goyal, chief financial officer. Network also said it would adopt more conservative accounting policies. Mr. Samenuk joins Network Associates after a one-year stint at start-up TradeOut.com Inc. (www.tradeout.com), an Ardsley,N.Y. online exchange for surplus business equipment. Prior to oining TradeOut, Mr. Samenuk worked at International Business Machines Corp. for 22 years, ultimately running sales and distribution activities for the Americas.
Besides change at Network Associates, the appointment also highlights how larger concerns are benefiting from the dot-com downturn. TradeOut once appeared to be a high-flier, getting backing from investors Benchmark Capital and attracting Meg Whitman, chief executive of eBay Inc., to its board. In addition to annual compensation of $250,000,TradeOut gave Mr. Samenuk the right to purchase 2,050,000 shares or about 5.3% of the company. But the company filed papers to go public last March and has still not completed an offering.
Mr. Samenuk said his move came because of the"once-in a-lifetime opportunity" to head a large software company. A TradeOut spokeswoman said the company had promoted Chief Operating Officer James Mooney to the chief executive position.
At Network Associates, Mr. Samenuk said his first task would be to restore investor confidence by focusing on customers and building market share for its software. |
