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Blue Coat Systems taps Michael Borman as CEO
(AP)
SUNNYVALE, Calif. – Security hardware and software maker Blue Coat Systems Inc. on Tuesday named Michael J. Borman its new president and CEO.Borman, 55, will take the helm of the company Wednesday, replacing Brian NeSmith.NeSmith, 48, who held the titles since 1999, was named chief product officer. The company said he will focus on product strategy, direction and development and will remain a member of its board.Borman was previously CEO of Avocent Corp., a switching systems developer acquired by Emerson Electric in December. He spent 30 years at IBM Corp., where he held several executive positions, including leading global product and sales organizations. He also served as president and chief operating officer at Blue Martini Software.Last week, Blue Coat Systems posted a fiscal first-quarter profit, reversing a year-ago loss. Adjusted for special items related to an acquisition, net income rose 43 percent to $10 million for the quarter, while revenue rose 13 percent to $116 million for the period.Blue Coat Systems shares closed Tuesday up 17 cents at $19, but gave back 17 cents to $18.83 in aftermarket electronic trading following the announcement.
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