Interwoven, which makes content management software, said it named an outsider, Joseph Cowan, as its chief executive, effective Monday.
Cowan, who was also named a director, replaces Max Carnecchia, who held the post for the past year and will continue as president.
Cowan, 58, most recently was chief executive of Manugistics Group, a global provider of demand and supply chain management software.
Last week the company said it is noncompliant with Nasdaq Stock Market listing rules due to its delinquent annual report. Interwoven has delayed its 2006 annual report while the company conducts an internal review of its historical stock option grant practices. Interwoven said in January its audit committee had started a voluntary investigation. The company said it will request a hearing from Nasdaq to stay the delisting, and will file its annual report after the review is complete.
Interwoven shares fell on the Nasdaq Stock Market.