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| Newsletter of the Melbourne Novell Users Group | March 1998 |
Novell Senior Vice President and Chief Financial Officer, James R. Tolonen Resigns
Novell Senior Vice President and Chief Financial Officer, James R. Tolonen Resigns; Dennis R. Raney to Serve as Interim CFO
PROVO, UT -- March 12, 1998 -- Novell, Inc., (NASDAQ: NOVL) today announced that James R. Tolonen has resigned as senior vice president and chief financial officer. The company also announced that Dennis R. Raney has joined the company as interim chief financial officer, with responsibility for all financial activities, corporate facilities worldwide and information systems. The appointment is effective immediately. To help ensure a smooth transition, Tolonen will remain with Novell through the end of the company's second fiscal quarter on April 30, 1998.
"During his nearly 15 years of service, Jim has made significant contributions to Novell," said Dr. Eric Schmidt, chairman and chief executive officer of Novell. "He has been instrumental in building Novell's business. We wish him the very best." Tolonen plans to take time off before deciding on his next career move.
"I've asked Dennis to step in as interim CFO while we continue to actively recruit a chief operating officer," said Schmidt. Raney has held CFO positions at General Magic, California Microwave and most recently QAD Inc. Prior to this, Raney, who is 55, spent 24 years at Hewlett-Packard in finance, international and real estate assignments. He also held the CFO position at Bristol Myers Squibb-pharmaceutical. "I'm confident that Dennis will ensure consistency in our financial management and help advance the company's overall efforts in the Internet industry."