Banyan's CEO has resigned as the company embarks on a drastic reorganisation in an effort to revive its ailing fortunes.
David Mahoney had been chairman, president and chief executive since founding Banyan in 1983. He will remain on the company's board as vice chairman.
On leaving, Mahoney said: "We believe it is time for new leadership at Banyan that will sharpen our focus on providing our customers with the innovative products they need to build and manage their computing infrastructures."
The company is now searching for a new CEO. In the meantime, senior vice president Jeffrey Glidden will take over the reins as acting president and chief operating officer.
Mahoney's departure coincided with news of another resignation, that of senior vice president John Paul, who has quit "to pursue other opportunities".
Paul was in charge of Coordinate.com, an Internet subsidiary set up by Banyan a year ago. Its operations will now be integrated into the company proper.
Banyan also confirmed plans to cut 15% of its worldwide workforce, resulting in the loss of about 100 jobs, and to reduce its worldwide channel inventories.
Shipments to the channel will be cut by between $7 million (u4.4 million) and $10 million in the next quarter.
The decrease in shipments will result in much lower revenues and a loss in the fourth quarter of 1996. The job cuts will also see the company take a restructuring charge of between $3 million and $5 million in the same quarter. Banyan returned a third quarter loss of $783,000 at the end of September.
Peter Westra, European operations director at Banyan, said: "The dynamics of the software industry have changed, and we need to realign." He confessed to being "a little bit surprised" at Mahoney's departure, but said it was right for the company.
"I am very optimistic about the future," he added. "We will have a better organisation and better leadership to take advantage of the opportunities of the market." Westra discounted rumours that Banyan would be the subject of a takeover.
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