News
Baan Snaps
- By Scott Bekker
- 01/04/2000
After realizing a dismal lack of fourth quarter revenues, Baan Co. announced the resignation of its CEO, Mary Coleman, effective immediately.
According to TheStreet.com, Baan (www.baan.com) expects to sustain a fourth quarter loss of $1.09 to $1.13 per share, or $240 to $250 million. Analysts had only expected a loss of 8 cents for the quarter. These losses come on the heels of a losing third quarter in which Baan ended up $25 million in the red.
TheStreet.com reports the enterprise software company will close 14 offices and reduce its workforce by about 4 percent. The cause of the losses is due to integration of previous acquisitions and restructuring costs while not realizing better revenues.
Coleman leaves the company after seven months in the top post. She was previously president and CEO of Aurum Software, which was acquired by Baan in 1997. She became president of Baan in October 1998 and later CEO in June 1999.
According to a release from Baan, Coleman is leaving the company to "pursue other technology-related opportunities nearer her home in Silicon Valley." Current chairman of the Baan Supervisory Board Pierre Everaert will take over as interim CEO while a search for a permanent replacement begins. Everaert has executive experience with Goodyear, General Biscuits S.A., Ahold USA, and Koninklijke Ahold N.V. -- Brian Ploskina
About the Author
Scott Bekker is editor in chief of Redmond Channel Partner magazine.