Iacobucci out in Citrix top level reorg
Fallout from profits warning spreads widely
Citrix founder and wise old friend of The Register Ed Iacobucci has been axed as part of a management shake-up that also downgraded company veteran and CEO Mark Templeton, and removed Michael Brown from the board.
Templeton remains as president, while former CEO and long-term company backer Roger Roberts moves in as chairman, and has commenced a search for a new CEO. Iacobucci's exit is however near total. According to the company announcement: "The company's founder and former chairman, Edward E Iacobucci, resigned as a director and left his position as an officer and employee of the company to pursue his vision of software as a service in cooperation with Citrix and other industry leaders."
Over the past couple of years Iacobucci has fulfilled the role of company visionary rather than being intimately involved in day to day management. Today's reorganisation however makes it pretty clear that Roberts sees the company as having fallen victim to a management gap.
Earlier this month Citrix stock plunged when the company warned that Q2 earnings would be half of expectations, due to problems associated with moving over from packaged software to licence sales. This was almost instantly followed up by a clutch of shareholder lawsuits accusing company execs of misrepresenting its financial position. ®