Borland CFO quits

Predicts better Q2

By Gavin Clarke • Get more from this author

Posted in IT Director, 6th July 2006 13:50 GMT

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Borland Software's chief financial officer is quitting running the company's books, and is being temporarily replaced by Segue Software's ex-CFO Michael Sullivan.

Borland said CFO Kenneth Hahn was leaving the firm "to pursue another opportunity". The company is currently looking for a buyer for its software development tools business amidst a corporate focus on application performance and business "optimisation".

Taking over the CFO's responsibilities until a full-time replacement is found is Sullivan, who joined Borland with the acquisition of Segue Software this year. Sullivan has been appointed principal accounting officer.

Borland cushioned the news by announcing preliminary second-quarter results above earlier expectations. Borland expects revenue between $73m and $75m for the three months to June 30, exceeding the $69m the company predicted in May.

However, Borland will remain in loss-making territory for the period, though it has said it will return to profitability in the fourth quarter. ®

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