Reply #49: Siebel replaces chief executive Lawrie (abruptly and with BIG loser) [View All]

[UpInArms]

http://www.marketwatch.com/news/story.asp?guid=%7BD59C733F%2D504F%2D4FF3%2D9D97%2D710487CC5020%7D&siteid=mktw

LOS ANGELES (MarketWatch) -- Less than a year since taking the reins, the chief executive of Siebel Systems Inc. abruptly stepped down on Wednesday, barely one week after the troubled maker of customer-relationship management software warned of dismal quarterly results.

Siebel (SEBL: news, chart, profile) said that Chief Executive said Michael Lawrie agreed to resign immediately. He was replaced by longtime board member George Shaheen, a former Andersen Consulting CEO who also presided over Webvan, the pioneering online grocer that epitomized the flameout of Internet-era startups.

Chairman Tom Siebel, who had relinquished the top executive post to Lawrie as part of a turnaround effort, said in a written statement: "George is the logical choice to take Siebel Systems to the next level of success and deliver strong and consistent results."

Shaheen, 60, has been a member of San Mateo, Calif.-based Siebel's board since 1995. He left Webvan in 2001 and the company later was liquidated after burning through billions of dollars in capital raised in a public offering.

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