Wall Data founder steps down
Amid sluggish revenues and the lack of support for his interest in the corporate portal market, John Wall, chief executive and founder of the company that bore his name, has resigned.
The Wall Data executive has left the company to pursue other interests, according to a statement issued this week.
The company's board of directors named Kevin Vitale, president of the Rumba business and formerly chief operating officer of Wall Data, as the new president of Wall Data Incorporated.
Wall's decision came after the company's board members chose to discontinue its enterprise portal product Cyberprise, claiming the product and corporate portal strategy was costing too much to pursue. The corporate portal market was considered to be a promising venture for the company, best known for its Rumba data access tools.
The company's board of directors named Kevin Vitale, president of the Rumba business and formerly chief operating officer of Wall Data, as the new president of Wall Data Incorporated.
On Monday, the company said it anticipates a first quarter loss of between $11.5 million and $12.5 million, compared with a profit of $2.2 million in the year-ago period.
"The cash flow and positive performance of the Rumba business have been offset by the significant investments made in technologies and marketing for Cyberprise," said Vitale in a statement. "We now believe that the best direction for the company is to leverage those investments in the core Rumba business and not pursue the corporate information portal market."
Wall Street wasn't impressed by the moves at the Kirkland, Washington-based company. The stock closed down 0.5625 at 7.125 yesterday.