Openwave for Sale

The CEO quits as the company withdraws guidance.
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Openwave

(OPWV)

said its CEO quit as the wireless software company slashed second-half revenue guidance and put itself up for sale.

The Redwood City, Calif., company said CEO David Peterschmidt resigned. He'll be replaced by Robert Vrij, executive vice president of worldwide field operations. Vrij previously headed Lucent's Europe, Middle East and Africa operation.

Openwave also hired Merrill Lynch to consider strategic alternatives including a possible sale. Peterschmidt will chair the board panel overseeing the process.

The company withdrew its guidance for the second half of the year ending in June, though it said it anticipates revenue for the fiscal third quarter of $65 million to $70 million. Analysts were looking for $87 million.