Feeds

Profit-disaster CEO at Blue Coat: I'll get my coat

Mine's the one with the pink slip in the pocket

SANS - Survey on application security programs

Blue Coat boss Michael Borman has fallen on his sword following declining sales and profits in fiscal first quarter 2012.

The web security and WAN optimisation minnow saw sales come in at $109.5m (£66.7m) down 9 per cent sequentially and 11 per cent on last year, as profits fell 70 per cent quarter-on-quarter to $2.7m (£1.6m) and 81 per cent on Q1 2010.

The exit of Borman, who only joined the firm early September last year – he had previously been CEO at Avocent – was confirmed at the same time as the numbers.

"Our first quarter results were disappointing as they came in below our expectations," said David Hanna, chairman at Blue Coat. "We are taking the necessary actions."

His replacement, Gregory Clark – most recently president and CEO at enterprise software group Minicom – is set to join Blue Coat from the middle of next month in the same roles.

The Q1 financials were impacted by "go-to-market challenges" and "weakness in the US Federal vertical" which pushed down revenues and profits, the firm said. ®

Combat fraud and increase customer satisfaction

More from The Register

next story
Parent gabfest Mumsnet hit by SSL bug: My heart bleeds, grins hacker
Natter-board tells middle-class Britain to purée its passwords
Obama allows NSA to exploit 0-days: report
If the spooks say they need it, they get it
Web data BLEEDOUT: Users to feel the pain as Heartbleed bug revealed
Vendors and ISPs have work to do updating firmware - if it's possible to fix this
Samsung Galaxy S5 fingerprint scanner hacked in just 4 DAYS
Sammy's newbie cooked slower than iPhone, also costs more to build
Snowden-inspired crypto-email service Lavaboom launches
German service pays tribute to Lavabit
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
Call of Duty 'fragged using OpenSSL's Heartbleed exploit'
So it begins ... or maybe not, says one analyst
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
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.
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.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.