Feeds

Corel's Cowpland quits

Wants to spend more time with his start ups, apparently

  • alert
  • submit to reddit

High performance access to file storage

Michael Cowpland's announcement yesterday that he is resigning as chairman and CEO of Corel could be a shrewd move. Others will think his departure from the executive ranks long overdue.

Corel has a financial crisis that resulted in a new round of layoffs recently, and the present strategy did not seem to be leading the company towards success.

The share price is still in the doldrums - it was $3.66 yesterday - and the products do not seem to be moving off the shelves, or being pre-installed as quickly as necessary to start a recovery.

Cowpland himself is under investigation for insider trading by the Ontario Securities Commission, although no date has yet been set for a hearing. The last event was a tactical victory for him when he won the right to have the hearing held in Ottawa rather than Toronto. Cowpland is still the biggest shareholder.

The announcement from Corel said he would remain as a director and technical advisor, but would play no part in the day-to-day activity. VP and CTO Derek Burney has been appointed interim CEO and president, with James Baillie, a lawyer for Torys, being appointed chairman.

The statement noted that Cowpland plans to spend his time working on start-up ventures in the Linux arena. Coincidentally, Corel announced yesterday the second edition of Corel Linux, and CorelDRAW for Linux, which will ship at the end of the month.

In many ways this is full circle for Cowpland. He co-founded Mitel in 1972 with Terry Matthews (the founder of Newbridge). They sold it, and it is now owned by Alcatel. Mitel stood for "Mike and Terry's lawnmowers", because one of the then-madcap ideas was for a robotic lawnmower.

Cowpland's resignation may well have a rejuvenating effect on the company, although he made it clear that the company was not for sale. He said he wanted "to glory in the success" of Corel. We shall see. ®

High performance access to file storage

More from The Register

next story
Windows 8.1, which you probably haven't upgraded to yet, ALREADY OBSOLETE
Pre-Update versions of new Windows version will no longer support patches
Android engineer: We DIDN'T copy Apple OR follow Samsung's orders
Veep testifies for Samsung during Apple patent trial
OpenSSL Heartbleed: Bloody nose for open-source bleeding hearts
Bloke behind the cockup says not enough people are helping crucial crypto project
Microsoft lobs pre-release Windows Phone 8.1 at devs who dare
App makers can load it before anyone else, but if they do they're stuck with it
Half of Twitter's 'active users' are SILENT STALKERS
Nearly 50% have NEVER tweeted a word
Windows XP still has 27 per cent market share on its deathbed
Windows 7 making some gains on XP Death Day
Internet-of-stuff startup dumps NoSQL for ... SQL?
NoSQL taste great at first but lacks proper nutrients, says startup cloud whiz
US taxman blows Win XP deadline, must now spend millions on custom support
Gov't IT likened to 'a Model T with a lot of things on top of it'
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.