Novell's CFO resigns, interim replacement hired

Novell's senior vice president and chief financial officer resigned this week, and the company has already named an interim replacement. Having held the Novell CFO job for the past nine years, James Tolonen will now be taking time out to consider his next career move, according to the company. However, he will stay with Novell until April 30 when the company's second financial quarter for fiscal 1998 is due to close.

Novell's senior vice president and chief financial officer resigned this week, and the company has already named an interim replacement.

Having held the Novell CFO job for the past nine years, James Tolonen will now be taking time out to consider his next career move, according to the company. However, he will stay with Novell until April 30 when the company's second financial quarter for fiscal 1998 is due to close. Tolonen joined Novell in 1989 when the networking company acquired Excelan Inc., where Tolonen also held the CFO position.

Joining Novell as interim CFO is Dennis Raney, most recently employed at QAD Inc. He has also worked as CFO at both General Magic and California Microwave. Prior to these appointments, Raney notched up 24 years at Hewlett-Packard Co. and is a veteran in a variety of financial, international and real estate roles.

"I'm confident that Dennis will ensure consistency in our financial management and help advance the company's overall efforts in the Internet industry," Novell's Chairman and CEO Eric Schmidt said in a statement issued yesterday.

According to Schmidt, with Raney in place as interim CFO, the company will continue its efforts to recruit a chief operating officer. The COO position has been vacant since last June when Joe Marengi, Novell's then-president and COO left the company. Schmidt assumed the presidential role himself, but the COO position has remained unfilled.

Novell's most recent financial results saw the company perform better than analysts had expected, with the vendor reporting a first quarter net income of US$14 million on revenues of $252 million for the period ending Jan. 31, 1998.

Novell, in Provo, Utah, can be reached on the Internet at http://www.novell.com/.

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