Corel Corporation (NASDAQ:CREL) (TSX:CRE) today announced that Kris Hagerman, formerly Group President of Symantec’s Data Center Management Group, has been appointed as Corel’s interim Chief Executive Officer, effective May 8, 2008. Hagerman’s appointment follows Corel’s announcement on April 21, 2008, that current CEO David Dobson will be leaving the Company in order to accept a senior executive position at a Fortune 500 company. During the transition period, Dobson will remain a Director on Corel’s Board and assist in evaluating the strategic alternatives available to the Company, including the previously announced proposal by Vector Capital.
An experienced industry executive, Hagerman most recently served as a Senior Advisor at Vector Capital. Prior to that, Hagerman was Group President of Symantec’s Data Center Management group, which generated $1.7 billion in revenue or approximately 30% of Symantec’s 2007 revenue. Prior to Symantec, Hagerman held senior positions with Veritas Software Corporation, including Executive Vice President and General Manager of the Storage and Server Management Group. Prior to Veritas, Hagerman was founder and CEO of two consumer Internet companies, and also served in positions at Silicon Graphics and McKinsey & Company, Inc.
“We are very pleased to have a proven executive like Kris Hagerman join Corel,” said Alex Slusky, Chairman of Corel’s Board of Directors and Managing Partner of Vector Capital. “Kris’ deep experience and successful track record in software are a great fit for Corel. The Board is confident he will provide strong leadership for the company while we conduct a search for a permanent chief executive.”
“Corel is truly one of the world’s leaders in consumer software,” said Hagerman. “I look forward to working with Corel’s management team and employees to continue the company’s successful trajectory through this transition period.”
Tags: Alex Slusky, Appointment, Capital, CEO David Dobson, Corel, Executive Vice, Fortune, Internet, McKinsey, NASDAQ, Senior, Server, Storage, Symantec, TSX
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