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March 23, 2007
Openwave's CEO Ejected; Wireless Company Up For Sale
Openwave (OPWV), which sells mobile software services, has announced that CEO David Peterschmidt has resigned, and replaced immediately by Robert Vrij, the company’s EVP for Worldwide Field Operations. The company also said that it has hired Merrill Lynch as to explore strategic alternatives including a possible sale of the company.
The CEO is gone beacuse the company whiffed with its earnings by a mile. The company is withdrawing its previous guidance for the fiscal third quarter ended March and the fourth quarter ending in June. Openwave now says that revenue for the third quarter will be $65M - $70M much lower than the $85M - $90M the Street was expecting.
Posted by Paul at March 23, 2007 10:25 PM
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