Transmeta CEO replaced after seven months
Board shuffles management just ahead of Q3 result statement. Oh dear...
Transmeta has replaced its president and CEO, Mark Allen, after barely six-and-a-half months on the job - just two days ahead of the publication of its Q3 results.
We've yet to hear a more sinister harbinger of trouble ahead - doubly so when the chairman has to stress his confidence in the company: "I remain extremely positive about Transmeta's technology, business model and the very strong team of over four hundred employees." It doesn't sound to us like he's confident at all.
That Allen has departed under a cloud is evident from the company's statement on the matter. Not only does it provide no honourable excuse for Allen's departure - there's no 'spending more time with his family' or 'decision to explore other ventures', all common euphemisms for senior staffers who're given the boot - but replacement CEO Murray Goldman (already the company's chairman) noted that "this was a very difficult decision made after considerable deliberation".
Which doesn't sound like they guy left either of his own accord or amicably. Neither does the phrase: "After carefully reviewing the company's recent performance, Transmeta's Board of Directors determined that these management adjustments are in the best interests of shareholders."
Allen joined Transmeta on 1 March, to allow then-CEO Dave Ditzel to focus on the company's technology and move over to become CTO. COO Hugh Barnes will take over the company presidency. ®
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