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Friday April 15, 08:46
Siebel announces its chief executive's removal
(by Brigitta Zuflitzler)
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Early on Apr. 13, about 50 of Siebel Systems’ top shareholders gathered to address the company’s top management urging to do something with its $2.2 billion cash stores. But Siebel side-tracked their attention by announcing the removal of its chief executive.
Michael Lawrie, a longtime IBM exec, managed to run the San Mateo software concern for less than a year. He’s being replaced by George Shaheen, a Siebel board member. Shaheen is best known for serving as onetime head of consulting giant Accenture and chief exec of non-existent by the moment online grocer Webvan.
Lawrie’s departure was not totally unpredictable. Some reshuffle in the company’s management became possible after Siebel’s first-quarter revenues appeared lower than Wall Street expectations by 12%.
However, Lawrie’s departure hasn’t brought any relief as Siebel shares dropped 3% on Apr. 13, to $8.68.
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