Phil White has finally quit his last remaining post at Informix, resigning the chairmanship yesterday. He is succeeded by Bob Finocchio, who replaced him as chief executive and president less than two weeks ago.
White, an Informix veteran of eight years, stunned the industry when he stepped down as chief executive on the eve of its annual user group meeting. In the figurehead role of chairman, he told delegates: ?As long as I can be a great asset to the company I?ll stay around.?
But in a statement yesterday, he said: ?Now that we have Bob Finocchio in place as chief executive, I agree with the board that the company is best served with one clear leader to take a new view of the company?s direction.? But some analysts believe a single person occupying all three top jobs was one of the factors behind Informix' problems this year, putting too much responsibility into one man's hands.
White leaves the company as it prepares to post its delayed second quarter results, which were due to be published last week. Analysts expect a loss of 25 cents a share, compared to earnings per share of 14 cents a year ago. Informix' first quarter saw losses of $140.1 million.
Analysts were unsurprised by White?s departure. Andrew Rosskill at Smith Barney said: ?White had lost credibility with Wall Street. In turnaround situations, it?s reasonable for a new chief executive to want to make a clean break.?
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