Wide Open News Linuxcare CEO Departs, IPO Postponed
Major anagement changes
San Francisco-based Linuxcare has replaced CEO Fernand Sarrat with a newly created office, led by the company's VP of service delivery, Pat Lambs. Also named to the new office is Arthur Tyde, Linuxcare cofounder and executive VP, Ted Schlein, a partner at Kleiner Perkins Caufield & Byers and chairman of Linuxcare's board, and Paul Vais, a Linuxcare board member and managing director at Patricof & Co. Ventures. Not confirmed in the company's written statement were rumors repeated by Client Server News that CIO Douglas Nassaur had also left the company. Amid the hubbub and rumours, Linuxcare has decided to delay its pending IPO, which had been slated April 24. The company declined to project a new date. The IPO's underwriters, which include Credit Suisse First Boston, Chase H&Q, and Fleet Boston Robertson Stephens, offered no comment. But Giga Information Group analyst Stacey Quant told News.com, "Given the environment on Wall Street overall, it may not have been an opportune time to go public. The question is when one of these [Linux] companies will become profitable." The news (announced Friday, April 7 ) generated much self-flagellation on Slashdot, but didn't seem to affect investors' opinions of other Linux stocks. Red Hat, Caldera Systems, VA Linux, and Andover.Net closed just slightly down from the previous day. VA posted the greatest loss, slipping nearly five points to 50 1/8, but the loss seems in tune with the general market skittishness that has surrounded tech stocks during the past week. ® Wide Open News is a partner of The Register
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