Mr Chris Horn has stood down from his nine-year position as chief executive officer of Dublin-based software company Iona Technologies.
Mr Horn will remain in his position as executive chairman of the Nasdaq-quoted company, while former chief operations officer, Mr Barry Morris, will take up the role of chief executive officer.
According to Mr Horn, the move was entirely his decision. "The company has reached revenues in excess of $100 million annually and, with 650 staff, I decided it would be a prudent move to separate the role of chairman from that of chief executive officer."
Mr Morris, who has been with Iona since 1995, told The Irish Times: "We need to grow the company now on top of its existing foundation. This is an exercise in flattening the corporate management structure."
Criticism had been levelled at Iona recently by industry observers who said the company had become too top-heavy with management, resulting in poor communications within the organisation.
Mr Horn said Iona now plans to expand activities in the areas of mergers, acquisitions and growth opportunities.
"The recent shakeout of the technology market has created opportunities for companies like ourselves. The new companies coming to market have more realistic valuations, while existing companies now have lower values, which opens opportunities for us," he said.
Although Mr Horn would not comment specifically, he said Iona would be targeting companies that offer Iona better channels to its market, and consultancy companies. He added that Iona was aware of a number of acquisition possibilities in the Irish market at present.
Mr Horn retains an estimated 10 per cent shareholding in Iona - valued at $112 million - which is unchanged by the management reshuffle. Iona's share price remained largely unchanged at $51 yesterday following the announcement.
Iona also announced three promotions among senior management. Chief financial officer Mr David James has been elevated to the newly-created position of executive vice-president of corporate development, focusing on strategic growth initiatives.
Mr Dan Demmer, previously Iona's vice-president of finance, has been promoted to chief financial officer, assuming responsibility for all the company's financial and administrative operations.
Mr Bob Potter, Iona's senior vice-president of sales and services, has been promoted to the new position of executive vice-president of business operations.
