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Interwoven CEO resigns

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Apr 2, 20032 mins

Move coincides with quarterly loss

BOSTON — Interwoven President and Chief Executive Officer (CEO) John Van Siclen resigned Wednesday and the company announced that its preliminary quarterly financial results show a loss per share.

Company Chairman Martin Brauns, who was CEO from 1998 to 2002 when Van Siclen took over, will fill in as interim CEO until a replacement is named, the content management software vendor said. Van Siclen joined Interwoven in 1999 as vice president of business development and later was promoted to chief operating officer. In January 2002, the title of president was added to his business card.

When he was named CEO, Brauns described the move as a planned succession. On Wednesday, Brauns issued a statement thanking Van Siclen for his contributions to the company, applauding the “myriad of ways” Van Siclen moved the company forward and wishing him well in his future endeavors.

Interwoven, based in Sunnyvale, California, will report final quarterly results Thursday, April 17, but said Wednesday that it expects total revenue in the range of $24.5 million to $25.5 million with a loss under generally accepted accounting principles of $0.09 to $0.10 per share and a pro forma net loss in the range of $0.07 to $0.08 per share. The pro forma net loss excludes amortization of intangible assets of about $500,000, amortization of deferred stock-based compensation of about $500,000 and restructuring charges between $1 million and $1.5 million.

Company shares (IWOV) closed up on the Nasdaq exchange Wednesday, in advance of the resignation and preliminary financial results news, at $1.85 per share.