said CEO Stephen B. Butler has resigned to take a job with a private company in the electronic design automation market. He was with the company more than five years.
General Counsel Samuel J. Gallo and CFO Douglas Zaccaro will handle the CEO duties until a replacement is found. Lexington, Mass.-based Segue has hired Korn Ferry International to aid its search for Butler’s replacement.
Butler will not stand for re-election to the board at the company’s June 6 annual meeting, but could serve as a Segue consultant until June.
His new company was not disclosed.
“Under (Butler’s) leadership, the company has been able to expand its strong product line, grow its customer base, and reach profitability,” said James Simons, Segue’s chairman.
Segue specializes in software for measuring the performance and relability of e-business systems. Under Butler it added large users such as IBM to a customer based that was dominated by small and medium business.
Simons hinted that Butler’s departure could trigger additional changes.
“The timing of Steve’s resignation represents an opportunity for the board to restructure the leadership and review the strategic focus of the company,” he said.