Security software firm Pretty Good Privacy announced today that its chief executive and president has resigned as the company matures from its start-up status.
Thomas Steding, CEO, president, and a PGP founder, will now become a company adviser. The CEO position will be phased out, the company said.
"This was a decision by the board and the executive staff. It seemed the right time," spokesman Mike Nelson said. "We're moving out of a start-up mode and into pursuit of the corporate marketplace. This was a minor adjustment to the staff."
Nelson added that Steding will continue to advise the company on team-building and moving its operations quickly.
Phillip Dunkelberger, former vice president of sales, will now become president and be responsible for the company's daily operations. Dunkelberger will also become a board member.
Jonathan Seybold, a PGP founder, has been named chairman of the company.
Nelson said the company is on target with its product development and sales and profitability targets, and will review where it stands financially and with its product lineup before setting a future course for an initial public offering.
PGP, which has been in operation for a year, is scheduled to begin open beta testing for its Personal Privacy version 5.0 tomorrow. The commercial version is slated to be released later this month.
Meanwhile, the crypto company has initiated a few acquisitions. One of its most recent was the March buyout of Zoomit, a directory technology that combines private intranets, public extranets, and the Internet.