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Former Informix CEO sells shares

Phillip White, the embattled former Informix CEO who resigned in July, sells 150,000 shares carrying a value of $778,125.

Former Informix (IFMX) chairman and chief executive Phillip White has sold a portion of his holdings.

White, an embattled executive when he resigned in July, sold 150,000 shares that carried a value of $778,125, according to a filing yesterday with the Securities and Exchange Commission.

The former executive held 1.3 million shares as of last April, according to the company's fiscal 1997 proxy filing.

White, who was replaced by Bob Finocchio, had been blamed for the database maker's falling revenues and profits as it focused on its new object-relational Universal Server while scaling back its bread-and-butter Online Dynamic Server database.

Shareholder lawsuits followed, and the company later had to restate its financial results going back to 1994, due to accounting irregularities and errors.

The company also is under investigation by the SEC.