Siebel Systems Inc., the struggling business software maker, said Wednesday that chief executive J. Michael Lawrie has resigned by mutual agreement with the board and named director George T. Shaheen to replace him.
The moves are effective immediately. The software firm’s shares edged up.
Shaheen, 60, who has been a member of the company’s board since 1995, was CEO of Andersen Consulting for 10 years, during which time revenue rose to more than $9 billion from $1 billion. He will continue to serve as a director of the company.
Nearly a year ago, founder Tom Siebel stepped down as chief executive as part of a turnaround effort and turned over the job to Lawrie, a former IBM Corp. executive.
Earlier this month, San Mateo, Calif.-based Siebel warned of disappointing first-quarter results in the latest setback for former stock market darling. It expects to lose between $7 million to $9 million, or 1 cent to 2 cents per share, for the three months ended in March. If not for a charge to account for a recent acquisition, Siebel estimated it would have earned $2 million to $4 million, or as much as a penny per share.
Based on previous management guidance, analysts had forecast earnings of 5 cents per share, according to Thomson First Call.
With its software sales sagging, Siebel’s revenue for the quarter is expected to be about $300 million, missing the $337 million target set by analysts.