Cayenne Software has announced that its president and chief executive, Peter Boni, resigned at the same time as it issued a profits warning due to a $1 million fourth quarter charge.
John Alexander, chief information officer at the modelling tools supplier, will take over from Boni as interim CEO until a permanent replacement is found. Boni said he had now completed his turnaround of the company and so was moving on.
Cayenne, however, expects to take a fourth quarter hit due to the management change and $300,000 in expenses incurred by moving headquarters from Burlington to Bedford, Massachussetts. The supplier has also written off certain mature software associated with its acquisition of Multiquest last April.
But, it does expect a 10-20 per cent increase in fourth quarter revenues compared with the same quarter last year, with the figure likely to be in the middle of that range. The results will be announced when the year end audit has been completed.
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