Borland expects first-quarter loss, CEO resigns

Borland's chief executive has resigned, amid the company's expectations of a substantial first-quarter loss, company officials have announced.

Borland's Gary Wetsel has resigned, amid the company's expectations of a substantial first-quarter loss, company officials have announced.

Wetsel was CEO and president of the software company, which specialises in software development tools. The company has begun a search for a new CEO, and until one is found, William Miller, chairman of Borland's board of directors, will be acting CEO.

Borland expects revenues for its first quarter, which ended on June 30, to be US$34 million to US$35 million, officials say. The first-quarter results will be reported after the market closes on July 24, say the officials.

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