Turning over new Interleaf
Interleaf, the financially troubled document management software company, looks for a new top executive, following the resignation of Ed Koepfler as president and chief executive officer.
Interleaf board member Rory Cowan will fill in for Koepfler until the company finds a permanent successor, the company said. Cowan joined Interleaf's internal executive board a month ago to help restructure the company and refine its business strategy for the document management applications market. In his interim post, Cowan will step up his efforts to "guide the company in its new direction," the company said.
Koepfler will continue as a board member and will assist in charting the company's course, Interleaf said.
The company has been losing money this year. The company posted a $14.1 million loss, or 82 cents a share, on $35.6 million in revenues for its fiscal first half that ended September 30. The figures contrast with profits of $1.4 million on $46.4 million in revenues for the same period a year ago.
The company has already wracked up a $4.8 million restructuring charge as of the close of its second quarter and has previously announced that it will post an additional restructuring charge, possibly as much as $4 million, for the quarter ending December 31.
Interleaf said it has let go 20 percent of its workforce and closed six branch offices in an effort to reduce expenses and create a "virtual field force" this year.