BOSTON (07/26/2000) - Kim Polese, one of the high-tech industry's most well-known female executives, is stepping down as Marimba Inc.'s president and chief executive office to assist the company with new initiatives and its long-term outlook.
Polese, 38, co-founded Marimba, which makes tools to aid companies update software. She will remain with the Mountain View, California, company as chairwoman and chief strategy officer. John Olsen, 49, most recently Cadence Design Systems Inc.'s president of its Design Realization Group, will take over as Marimba's president and chief executive officer.
"It became apparent to me about six months ago that we were headed to an inflection point," Polese said. "We needed to grow fast. We lacked the operation depth to make that move. It was clear that we had to go outside for that experience (and get) someone who had built a billion dollar company."
Polese said she hadn't worked to build a billion-dollar company and wanted to make sure someone was in place to assist in that endeavor. She was spreading herself thin on the assignments she had at hand, Polese said.
So now, she will focus on areas she truly enjoys like driving the strategic direction of the company. She also is expected to work on new business initiatives and the long-term direction of the company, mergers and acquisitions, and critical industry partnerships.
"I'm not going away," Polese said. "I am not dialing down any of my engagement in the company. I am not fading into the background."
Polese came to the public forefront for her role in helping to develop Sun Microsystems Inc.'s Java programming language. Polese and two other colleagues from Sun left and started Marimba in 1996. The company went to initial public offering in 1999 and had a market value at one time of US$1.4 billion.
Marimba on Tuesday announced its first quarterly profit. The company posted revenues of $12.1 million, up 76 percent from the same time last year. Net income for the second quarter was $1.3 million, or a diluted net income per share of 5 cents, up from a net loss of $1.5 million, or a diluted net loss of 8 cents per share the same time last year.
Marimba in Mountain View, California, can be reached at +1-650-930-5282 or at http://www.marimba.com/.