Cynthia M. Deysher, former CFO, will be replaced by controller Larry Whitman, who will serve as the principal accounting and finance officer.
"I decided that after three years it was time to transition to something new. Working with a company as it has grown from a small private company to a market leader in the remote access industry has been a great experience, and one that I would like to have the opportunity to repeat. Meanwhile, as a shareholder in Shiva, I intend to do everything I can to help Shiva grow and prosper," Deysher said in a statement. She had been with the company since 1994.
Meanwhile, the provider of remote access solutions, systems and services, said its revenues and earnings will fall short of expectations due to slower sales of its LanRover remote access products because of price competition. The company also cited customer confusion over the emergence of 56 kpbs modem technology and a desire to reduce inventories left in its channels.
The company expects to incur a "substantial operating loss," as a result of one-time charges for inventory writedowns and other actions. Wall Street had expected the company to report profits of 7 cents a share, according to First Call. Shiva plans to report its first quarter results on April 17.
Shiva shares, which traded as high as the 55 in November, have since plummeted to 8-13/16 a share at yesterday's close, down 3-1/16.
During the fourth quarter, Shiva also reported a slow down in revenues and profits from the previous quarter. That, as well, took Wall Street by surprise, causing the stock to fall from the 35 range to the 20s.