FRAMINGHAM (07/26/2000) - Marimba Inc. co-founder Kim Polese has stepped aside as CEO, but will continue full time as chairman of the board and chief strategy officer of the Internet infrastructure management company.
John Olsen will take charge of day-to-day operations as the new CEO, the Mountain View, Calif.-based company said in a press release.
Olsen, 49, is the former president of the design reality group at Cadence Design Systems Inc.
Marimba's stock price was up more than 12% in late afternoon trading today, to $24.75 per share, after the company announced its first-ever profitable quarter. The company earned $1.3 million, or 5 cents per share, for the three months ended June 30, compared with a loss of $1.5 million for the same quarter last year.
Polese, 38, helped start Marimba in 1996 after helping to oversee the creation of the Java programming language at Sun Microsystems Inc. Marimba went public last year, initially with good results, but the company's stock is currently trading well below its 52-week high of $68.875 per share.
Ray Lane, former president of Oracle Corp. and a Marimba board member, said in a statement: "Kim has done a terrific job of building a world-class company and establishing a solid foundation for Marimba's long-term growth. Under her leadership, the company has entered important new markets, such as serve content management and the remote management of devices and appliances. . . .
Kim's strategic vision will continue to be a force in shaping the company's future."
Polese has been a high-profile figure in Silicon Valley and beyond. She was once featured in an ad campaign for designer Anne Klein.