17 May 2003 A boardroom reshuffle at integration software vendor Iona Technologies has led to the departure of CEO Barry Morris after just three years at the helm and his replacement by co-founder Dr Chris Horn.
The re-shuffle followed a period of sharply declining sales at the Dublin, Ireland-based company. It has struggled to find a role as the object request broker (ORB) integration software on which the company made its name has been eclipsed by XML and web services.
Iona’s revenues have nose-dived since peaking in 2001. In the first quarter of 2003, the company posted revenues of $17 million, down by a dramatic 57% from the $39.5 million achieved in the same quarter a year earlier.
Annual revenues peaked at $180.7 million in 2001, but fell by a third in 2002 to $123.2 million in 2002. The first quarter figures indicate that the company’s revenues will fall by half again in 2003 unless drastic action is taken.
However, the company’s immediate future is not at risk. Despite the sharp fall in revenues, Iona’s first quarter net loss weighed in at a less dramatic $11.9 million and the company still has some $75 million in cash to help pay for the renewed restructuring planned by Horn.
At the same time, Morris appointees Steven Fisch, who was chief operating officer, and executive vice president David James, who was in charge of corporate development, were also replaced.
