Iona Technologies has made changes to its senior management team, with president and chief operations officer (COO) Peter Zotto being appointed as chief executive officer. He succeeds company co-founder Chris Horn, who has been elected to the post of non-executive vice-chairman of the board.
Zotto joined the Dublin-based middleware developer firm in August 2003 and was appointed COO in October of that year. He was appointed president in October 2004. Under him, Iona built on its existing management and installed a team that has focused Iona operationally and returned it to profitability. It also established the company’s stewardship for CORBA while launching it into a new growth market with the Artix product line.
Horn originally set up the company in 1991 and subsequently left, but he returned as CEO in May 2003 following a management reshuffle. He commented: “These appointments are taking place at the right time and represent a natural transition and progression for the company. Furthermore, as vice-chairman and a shareholder, I remain committed to Iona and furthering the company’s strategic development toward renewed market leadership.”
In a statement, Zotto said: “I am pleased and honored to accept this appointment. Iona is well positioned to lead the industry and return to a track record of profitable growth and innovation. Over the past two years, Chris and I have developed a great relationship and I look forward to his continuing contributions. Our objective now is to return the company to sustained profitable growth.”
He said that Iona now has an established, stable and cash-generative business built on its CORBA product offering. “Iona has terrific assets; a blue chip customer base, an industry leading product in Artix, a highly leverageable business model and excellent people. These assets form the foundation for returning Iona to market leadership,” he said.
Meanwhile the company announced its first-quarter results today, reporting revenues of US$16.3m, in line with its stated guidance. Iona said it expects total revenues for the second quarter to be in the range of US$16-17m.
By Gordon Smith