NetIQ on Tuesday named Charles "Chuck" Boesenberg as its new president and CEO, replacing co-founder Ching-Fa Hwang.
Boesenberg was most recently chairman, interim president and CEO of the software firm Qiva. He has held senior executive positions at IBM and Apple and has served as president and CEO of Central Point Software, Magellan and Integrated Systems. He is also an eight-year board member at Symantec.
Hwang, president and CEO since 1995, said he is retiring from the day-to-day operations of the infrastructure management software vendor but will maintain an active role in the business by becoming chairman.
"After seven years at NetIQ, I feel personally it's time for me to make the change," Hwang said in a conference call. "We just delivered a record quarter, [so everything is in place."
Last week, San Jose-based NetIQ reported second-quarter revenue of $66.8 million, up from $39.7 million a year earlier. The company posted a loss of $183 million, or $3.42 per share, in the quarter, compared with a loss of $109.3 million, or $2.83 per share, a year ago.
Under Hwang's leadership, NetIQ grew from a one-product start-up with a handful of employees to a company with more than 30 products and 1,000 employees through a series of mergers and acquisitions of companies such as Sirana Software, Mission Critical, Ganymede Software and WebTrends.
"This is a good move because they've completely revamped their business model," said Heath Tow, account executive at Subject, Wills and Co., a systems integrator in Oakbrook, Ill. "In order to grow at the rate shareholders are looking for, they have to get into new markets," Tow said.
Boesenberg said he plans to tap potential growth in international markets and channel partnerships. "We should do everything to grow today's addressable markets," he said. The company has more than $500 million in cash, which Boesenberg said he would use for additional acquisitions and investments in start-ups with complementary products.
Earlier this week, NetIQ launched a new channel program for solution providers that integrates programs inherited through its acquisitions and offers partners increased discounts, market development funds rebates and training resources.