Openwave names interim CEO; expects Q3 loss
Openwave Systems has named Bruce Coleman as interim CEO, effective today, succeeding Robert Vrij, who resigned from the company after serving as president and CEO for a little more than a year.
Coleman is CEO of El Salto Advisors, a company that supplies temporary executives to software and service businesses.
Openwave, which makes software aimed at bridging mobile devices and desktop computing, has been shrinking. It has had multiple layoffs in the last year and just released preliminary results for its third quarter, ended March 31, that showed revenue diminishing from $63.2 million in Q2 to approximately $58 million.
The shortfall in revenue versus the prior quarter was due to a reduction in maintenance and support and services revenue, the company said.
In the previous quarter, the company had a net loss of $4.9 million, or 6 cents per share; Openwave expects to report a loss of 18 cents per share for its recently completed third quarter.
Coleman said, “My immediate goal is to help execute Openwave's Phase 2 strategy to bring greater focus to its product lines, expand its customer base and drive innovation, which will help drive value to shareholders.”
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