Don't look now Joe (Marengi), this could be YOU!..Banyan CEO Resigns
(But then again Joe Marengi, you knew this before we did, right?)
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(11/07/96)
By Sharon Fisher, CommunicationsWeek
Banyan Systems is replacing its CEO and laying off an additional 15
percent of its employees, the company announced Thursday.
In afternoon trading, Banyan shares were down 3/16, to 3 13/16.
The Westboro, Mass., networking company said president, chairman,
and chief executive officer David Mahoney is stepping down to
become vice chairman. Jeffrey Glidden, a senior vice president and
chief financial officer, is acting president and chief operating officer. The
company is searching for a new CEO.
Mahoney founded Banyan in 1983 and has served as CEO ever since.
"We believe that it is time for new leadership at Banyan that will
sharpen our focus," a Banyan statement said on Thursday.The $130
million vendor estimated that about 100 employees would be laid off
and that the restructuring will cost the company $3 million to $5 million.
Also resigning in the shakeup is John Paul, the senior vice president
who headed the company's successful coordinate.com division.
Concern about the company's stock price, which is hovering around
$3 a share, has intensified in recent days.
John Burton, former president and chief executive officer of Legent
Corp., who will direct the CEO search, is to head the board, Banyan's
statement said.
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Joe <It happens "THAT QUICK">
Remember what I said to you in a post yesterday:
JA>> Well, then I say "flatten your managment, and rightsize". <smile>.
That will certainly make the shareholders happy. But, hey,
that's capitalism, right? <<
You got a LOT of PISSED OFF Shareholders here, Joe. You need to
"fix" it, FAST! |
