Corel's CEO Resigns

FRAMINGHAM (08/18/2000) - Michael Cowpland's reign at Corel Corp. ended this week when he resigned as its president, CEO and chairman to pursue startup opportunities, according to the company.

Derek Burney, Corel's chief technology officer, was appointed interim president and CEO. Cowpland, who founded Corel in 1985, will continue to serve as its director and technology advisor but won't be involved in Corel's operations.

Mike Gotta, an analyst at Meta Group Inc. in Stamford, Conn., said Cowpland's resignation was expected.

"It was arguably overdue, but unfortunately, [Cowpland's resignation] won't change" Corel's long downward slide, Gotta said.

Corel didn't return phone calls seeking comment by deadline.

Cowpland's resignation caps a tumultuous period for the Ottawa-based software company. Layoffs, financial losses, a threatened cash shortage and the demise of its proposed merger with development tool maker Inprise have pounded Corel in recent months. Top executives left Corel once the proposed merger with Inprise failed in May.

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