By Nathalie Tadena
RealNetworks Inc. (RNWK) said its President and Chief Executive Thomas Nielsen has resigned and the software company has named Chairman Rob Glaser as its interim CEO, effective immediately.
The board has begun a search for a new CEO and said Mr. Glaser, who is also the company's founder, is not a candidate for the permanent position. Mr. Nielsen had joined RealNetworks as its CEO in November.
"The board and Thomas mutually agreed that the CEO position wasn't the right fit," Mr. Glaser said. "We thank Thomas for the contributions he has made in moving RealNetworks forward and wish him well in his new endeavors."
In January, the company agreed to sell a significant number of its patents and its next generation video software to Intel Corp. (INTC) for $120 million.
RealNetworks, which focuses on streaming digital media and is perhaps best known for its RealPlayer media player, reported in May its first-quarter loss widened as revenue fell 23%.
Shares closed at $8.78 Tuesday and were inactive after hours. Shares have fallen 11% over the past three months.
-Write to Nathalie Tadena at [email protected]