Growth Slows, CEO Out At VMware
VMware, a majority-owned subsidiary of Hopkinton-based EMC Corp., has replaced CEO Diane Greene and expects 2008 earnings "modestly below" expectations.
The company's board of directors replaced Greene, one of VMware's founders, with new President and CEO Paul Maritz effective immediately. Maritz was also named to the board of directors.
Maritz retired from Microsoft in 2000 after 14 years with the company. He is credited as one of the builders of the Windows operating system. In 2003, Maritz founded software company Pi Corp., which was acquired by EMC earlier this year, making Maritz an executive at EMC.
Joe Tucci, EMC CEO and chairman of VMware's board of directors, said Muritz will be charged with leading VMware "to its next stage of growth and development."
VMware, a software virtualization company based in California, is expected to announce its quarterly earnings July 22. "While VMware is not updating guidance for Q2, we expect revenues for the full year of 2008 will be modestly below the previous guidance of 50 percent growth over 2007," the company said.
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