Canion loose on GK deck

Compaq co-founder Rod Canion and a cabal of former Compaq executives have resigned en masse from struggling software developer GK Intelligent Systems. The resignations of six senior staff GK Intelligent Systems sent the share price into a tail-spin and the shares lost 57 per cent of their value before trading was suspended yesterday. GK Intelligent Systems develops multimedia-based training softwar but has yet to ship any product. Resigning with Canion, who had been at the company just five months, were chief financial officer Tim Harris, chief information officer Doyle Baker, corporate counsel David Cabello, head of communications John Sweney and board member John Gribi. All are former Compaq executives who had worked with Canion before he was ousted as the head of Compaq. Canion cited "basic philosophical differences" as his reason for leaving GK Intelligent Systems, which has never posted a profit and has yet to file its 1997 accounts. Canion remains the third-largest shareholder with around 15 per cent of its stock.