NEW YORK (Thomson Financial) - CDC Corp. Thursday said its CDC Software
division has filed to formally withdraw its planned initial public offering,
citing the current economic environment and "strained" capital markets.
The company also said President and Chief Executive Officer of CDC Software
Eric Musser is leaving the company to pursue other business interests. And CDC
Corp. Chief Financial Officer Michael Latimore has also left the company to
pursue other opportunities, the company added. CDC has started a search for a
new CFO, but will not be searching for a new CEO for CDC Software.
The management realignment was necessary given the withdrawal of the IPO and
the execution of a new business model, CDC said.
CDC Corp. shares closed at $2.66 on Wednesday.
Christie Rizk
cr/tk1
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