Novell appoints Joseph S. Tibbetts, Jr. as chief financial officer
Longtime PricewaterhouseCoopers partner and CFO at technology companies brings extensive and diverse financial experience to Novell Current CFO Ronald C. Foster resigns to pursue another opportunity
Novell announced today that Joseph S. Tibbetts, Jr. has been appointed senior vice president and chief financial officer of the company, effective February 10, 2003. Tibbetts will assume the position held by Ronald C. Foster who has resigned from the company, effective February 7, 2003. Foster cited his desire to move on to another opportunity for his decision to step down.
Currently a member of Novell's Board of Directors and an independent corporate financial consultant, Tibbetts has significant experience in both the technology and financial sectors, having spent more than twenty years in public accounting at Price Waterhouse (now PricewaterhouseCoopers), including five years as national director of the firm's software services group. With stints as chief financial officer and treasurer in two public technology firms, he brings tested financial expertise, as well as proven executive leadership to Novell. Tibbetts joined Novell's board of directors in November 2002 and has served on its audit committee. He will resign from the Novell board of directors immediately.
"When Ron advised me of his decision to leave the company, I didn't have to look any further than our board to find a superb candidate who could readily and effectively become Novell's new CFO," said Jack L. Messman, chairman, president and chief executive officer of Novell. "Joe brings a wealth of experience in public accounting in the technology sector and a personal style that will be an excellent fit with our management team," said Messman. "He is an accomplished finance executive with proven leadership and interpersonal skills, and high integrity. We are pleased to have him join us in this important capacity and look forward to him making a significant contribution to the company."
"I have admired Novell's leadership and innovation in the technology sector over the last twenty plus years," Tibbetts said. "With its focus on high growth market opportunities like secure identity management, cross-platform networking services and Web application development, all wrapped by strong consulting, training and technical support, I believe Novell is positioned to prosper, even in a tough IT environment. It was that potential that first attracted me to join the board of directors last year. Now, as CFO, I am excited to be part of the management team that will make it happen."
Foster, in discussing his decision to leave the company, said, "I have had four great years at Novell. It is an outstanding organization," Foster said. "I believe the company is headed in the right direction and has a promising future, but I have decided to move to another position."
"All of us appreciate Ron's contributions over the years to Novell," commented Messman. "He is responsible for instituting a strong set of internal controls at Novell and has professionally led the finance organization through a difficult time in the tech sector," Messman said. "We wish him well in his future endeavors."
Tibbetts, 50, spent twenty years at Price Waterhouse LLP (now PricewaterhouseCoopers) where he was an audit partner for ten years and led the firm's national software practice. Most recently, he was with Charles River Ventures, as the administrative general partner and managing director of CRVelocity. Prior to Charles River, Tibbetts was senior vice president and CFO of two successful public companies, Lightbridge, Inc. and SeaChange International, Inc. Both companies are in the computer systems, software and related services business. Tibbetts also served on the board of directors and audit committee of Great Plains Software, Inc. for five years, through its IPO and until its acquisition by Microsoft in 2000.
Tibbetts received a bachelor's degree in Business Administration from the University of New Hampshire and attended the Executive Program for Smaller Companies at Stanford University. He is a member of the advisory board of the New England Hi-Tech Charity Foundation. He resides in Dover, Massachusetts with his wife Suzanne and their three children.
Forward Looking Statements
This press release includes statements that are not historical in nature and that may be characterized as "forward-looking statements," including those related to future financial and operating results, benefits and synergies of the company's brands and strategies, future opportunities for the combined company and the growth of the market for Web services solutions. You should be aware that Novell's actual results could differ materially from those contained in the forward-looking statements, which are based on current expectations of Novell management and are subject to a number of risks and uncertainties, including, but not limited to, Novell's ability to integrate acquired operations and employees, Novell's ability to deliver on its one Net vision of the Internet, Novell's ability to take a competitive position in the Web services industry, business conditions and the general economy, market opportunities, potential new business strategies, competitive factors, sales and marketing execution, shifts in technologies or market demand and the other factors described in Novell 's Annual Report on Form 10 K for the 2002 fiscal year and the most recent quarterly report filed by Novell with the SEC. Novell disclaims any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this presentation.
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