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Business software maker VMware (NYSE: VMW) said on Tuesday it replaced its chief executive and cut its 2008 revenue growth forecast, sending its shares tumbling 25 percent.
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The company, majority owned by storage equipment maker EMC (NYSE: EMC), said company founder Diane Greene has been succeeded as president and CEO by former Microsoft (NASDAQ: MSFT) executive Paul Maritz.
UPDATE 3-EMC reports higher profit, open to VMware spinoff | Markets ::
(Adds CEO interview on VMware stake, analyst comment, stock activity) By Jim nudged up its full-year revenue forecast, but kept its profit outlook intact.
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VMware also said it now expects revenue for 2008 to be "modestly below" its previous forecast of 50 percent growth over 2007.
Maritz worked at Microsoft for 14 years. He managed the development and marketing of products including Windows 95. He left Microsoft in 2000 and several years later founded Pi Corp., which EMC acquired. He most recently ran EMC's cloud division.
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Analysts had forecast VMware to post full-year sales of $1.95 billion, but the In addition to its executive changes, VMware is also facing a challenging
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VMware shares fell $13.38 to $39.81 in heavy morning New York Stock Exchange trading. EMC shares fell $1.51, or 10 percent, to $13.63.
EMC owns 86 percent of VMware.
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