VMware Inc. (NYSE: VMW) has made an announcement of a significant management change this morning. Diane Greene is departing as the company’s President and CEO.
VMware’s Board of Directors has appointed Paul Maritz as President and CEO of VMware effective immediately. Maritz was also named to VMware’s Board of Directors.
Greene is one of VMware’s founders. Maritz is a former Microsoft employee noted as one of the builders of their Windows franchise, and he founded cloud-based solutions company Pi Corporation in 2003. Pi was acquired by EMC in February 2008.
The company is also sneaking in some guidance, while it says it isn’t. "While VMware is not updating guidance for Q2, we expect revenues for the full year of 2008 will be modestly below the previous guidance of 50% growth over 2007."
VMware shares are down literally about 20% at $42.50 in the initial reaction. Expect a drop in EMC Corp. (NYSE: EMC) as well as it is the majority owner of VMware.
Jon C. Ogg
July 8, 2008
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