Shares in enterprise resource planning (ERP) application vendor JD Edwards plummeted yesterday following the news that the company's chief executive has quit after less than 18 months in the job.
No reasons were given for Doug Massingill's surprise resignation. JD Edwards' share price fell $6 7/16 to close at $23 3/8 yesterday in its biggest ever one-day drop.
Edward McVaney, the company's founder, chairman and former chief executive, will take on the dual positions of president and chief executive.
Massingill had been promoted to chief executive in November 1998 from his former position of chief operating officer. As chief executive, he was credited with boosting JD Edwards' international sales and marketing operations.
JC Simbana, an analyst at researcher American Frontier Financial, said: "There's always a little uncertainty and nervousness when you see the chief executive resign." However, he predicts that the transition will be smooth because of McVaney's long history at the company.
As sales of ERP software continue to slow, JD Edwards has been struggling to reinvent itself to exploit the rapidly growing internet market. The company has recently shifted its focus towards selling ecommerce software.
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