Latest to depart Lotus is chief of technology
Article Abstract:
Chief of technology Frank King is the latest member of Lotus Development Corp's top management to leave the firm since mid-1990. The software publisher rules out any speculations that King was coerced to depart and says the decision was mutually agreed upon. Analysts are not surprised by King's departure considering the disappointing debut of Lotus 1-2-3 for Windows spreadsheet software in Sep 1991, but are stunned by the appointment of John Landry - a technician with relatively little experience with Lotus' mainstay microcomputer software - as King's replacement. Landry's former position was as chief technology officer and executive vice president at Dun & Bradstreet Software. His selection is seen as an attempt to improve Lotus's position in technological innovation. Lotus' popular 1-2-3 has seen fierce competition from Microsoft Corp's Excel and Borland International Inc's Quattro Pro spreadsheet programs in the 1980s.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1991
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Lotus plans to lay off 10% of staff
Article Abstract:
Lotus Development Corp announces plans to layoff 10 percent of its employees in an effort to cut-costs and remain competitive in the microcomputer spreadsheet market. Industry observers note that Lotus has never reduced its staff by this much; the total will come out to between 300 and 400 employees. The software publishers also announced that it would take between a $14 million and $18 million charge for the 4th qtr of 1991. Lotus will report around a 20 percent growth for 1992 and expects that 1992 will be even a better year. Investors, impressed by the cost-cutting effort, caused the stock to rise two dollars a share to close at $20.75 on Dec 5, 1991.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1991
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