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To: Robert Graham who wrote (9739)	2/27/1998 12:35:00 PM
From: Marq Spencer	Read Replies (2) \| Respond to of 14631

Bob: I think that at this point Kertzman is "co-CEO" in name only. Check out this quote from Kertzman: >>Kertzman described his new role as ''what I do best and enjoy most -- projecting the company into the external communities of customers, shareholders, press and partners.'' ''John (Chen) will be doing all the management responsibilities of CEO,'' Kertzman added.<< This shows that Kertzman will be the guy who talks to the rest of the world while John Chen runs the show. I wonder how many of the outsiders will listen to someone who doesn't run anything. By the way, if the board only wanted to do this, they did not have to make Chen co-CEO. They could have made him President with everyone in the company reporting to him (a la Ray Lane at Oracle). By making him co-CEO, they are signalling a real power tussle that they are unwilling to completely resolve at this point. I expect Kertzman to be gone before 1998 ends. Until that happens, the situation is not good for Sybase. Whether this will be good or bad for Sybase, Informix, etc. in the long term is unknown.