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Business software maker VMware said it replaced its chief executive and cut its 2008 revenue growth forecast, sending its shares tumbling 25 percent.
The company, majority-owned by storage equipment maker EMC [EMC
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], said company founder Diane Greene has been succeeded as president and CEO by former Microsoft executive Paul Maritz.
VMware [VMW
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] also said it now expects revenue for 2008 to be "modestly below" its previous forecast of 50 percent growth over 2007.
Maritz worked at Microsoft [MSFT
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] for 14 years. He managed the development and marketing of products including Windows 95. He left Microsoft in 2000 and several years later founded Pi Corp, which was acquired by EMC. He most recently ran EMC's Cloud Division.
VMware shares fell $13.38 to $39.81 in heavy morning New York Stock Exchange trade. EMC shares fell $1.51, or 10 percent, to $13.63.
EMC owns 86 percent of VMware.
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