President Jumps Ship

Freeland is resigning to take a new job as CEO of a "large privately-held company," according to the filing. His last day with will be Friday. The company he is joining will announce the appointment later today, said.

Freeland, one of three co-presidents at San Francisco-based, was a high-profile poach for when he joined two years ago. Before joining the company, Freeland was managing partner for CRM at Accenture, where he was instrumental in leading the influential systems integrator's embrace of's unorthodox on-demand software model. Under Freeland's tenure, a practice once built almost entirely around Siebel's CRM line became more heterogeneous, encouraging the major enterprise clients it worked with to explore's offerings.

At, Freeland focused on business development and alliances, while co-president Jim Steele oversaw sales and distribution and co-president Frank van Veenendaal headed services and the company's SMB sales. representatives did not immediately respond to a request for comment on whether Freeland's position will be filled.

Three years after its splashy IPO, is now weathering some changes in its executive ranks. Longtime CFO Steve Cakebread, who made plans in 2006 to retire from but withdrew his retirement announcement two months later, will finally hand in his job title, but he's trading up: Cakebread is currently training a CFO successor and will become's president and chief strategy officer early next year. Earlier this year, lost AppExchange General Manager Rene Bonvanie, who checked out after four months on the job.

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Freeland earned a nice payday for his two years of service. In addition to a $300,000 annual salary and eligibility for annual bonuses of up to $300,000, Freeland's hiring agreement with granted him options on 300,000 shares with a four-year vesting schedule and a strike price of $25.19. At's closing price yesterday of $50.47, the value of Freeland's vested options sits at around $3.8 million. The agreement signed yesterday with Freeland also calls for him to receive a lump-sum parting payment of $67,500.