VMware Replaces CEO, Shares Plummet

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In a surprise move, virtualization giant VMware has replaced CEO and co-founder Diane Greene with Paul Maritz, sending the company's shares plummeting about 25 percent to roughly US$39 in afternoon trading.

The precise circumstances of Greene's departure were not immediately clear in the statement issued by the company. VMware did not explicitly correlate the announcement with another piece of news it revealed Tuesday -- that it expects full-year 2008 revenues to be "modestly below" its previous estimate of 50 percent growth over 2007.

Maritz has served as president of EMC's Cloud Division. He is also a former Microsoft executive who managed marketing and development for products such as Windows 95 and Windows NT.

In 2003, Maritz formed Pi Corporation, maker of cloud-based personal information management software, which was acquired by EMC earlier this year.

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