Linux and Unix software company Caldera International has replaced long time chief executive Ransom Love and bought out two of its largest investors as the company looks to turn its business around.
Despite getting an early start in the Linux market, Caldera has been struggling with declining revenues, losses and the threat of Nasdaq delisting.
Love is to be replaced by Darl McBride, formerly president of the online planning business at Franklin Covey, which sells calendars, planning software, handheld computers and training materials.
According to Caldera, McBride has been responsible for raising more than $100m in venture capital in his career.
Love joined Caldera when it formed in 1994 and led the company as president and chief executive to its initial public offering. He was responsible for the 2001 acquisition of the SCO Server Division.
That deal was supposed to boost Caldera's position by acquiring Unix products. Instead, the move increased expenses and failed to provide the expected gains.
Love will now head up Caldera's United Linux work, a movement that allies Caldera's Linux efforts with three other Linux vendors: SuSE, TurboLinux and Conectiva.
The company announced last month that it will cut 15 per cent of its workforce as well as close its major European office and lab in Germany.
At the same time chief technical officer Drew Spencer and chief legal counsel Harrison Colter both quit their positions at the company.
Separately, Caldera said it is set to buy out two major stockholders: Tarantella and MTI Technology. The two companies have been seeking to sell their Caldera stakes since July 2001.
Caldera said it would buy back the shares, which represent 31 per cent of its outstanding stock, for $4.1m.
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