In his new post, Smith will oversee finance, accounting, investor relations, and information technology. Before joining Vitria, Smith spent four years as CFO of Nuance Communications and 11 years at Oracle Corp., where he served most recently as vice president of finance for worldwide operations.
Smith is stepping into a challenging situation. Vitria’s total revenues for the third quarter declined 28 percent to $30.1 million from $41.6 million reported in Q3 of 2000. The company posted a $16 million net loss for the quarter compared to a net income of $693,000 ($0.00 per share) for the third quarter in 2000. “Like many software companies, our business was adversely impacted by continued economic deterioration and the tragic events of September 11, 2001,” said JoMei Chang, company president and CEO, in a statement.
Prior to joining Collins & Aikman, Shah served as CFO at United Technologies Automotive, a division of United Technologies Corp.. He also held various senior level positions at auto supplier Varity Corp.
Stepp served as Collins & Aikman’s CFO from 1995 to 1999 and has been a board member since February. Collins & Aikman potentially recently completed its $1.2 billion acquisition of Textron Inc.’s automotive trim division. The acquisition will likely double Colllins & Aikman’s revenues.
Nevertheless, the car and truck specialist reported a $12.4 million net loss in the third quarter of 2001, notably higher than the $4.8 million net loss incurred during the same period a year ago. Sales for the quarter, however, were up slightly, reaching $430 million compared to $423 million in Q3 of 2000.
Prior to the promotion, Nynens served as worldwide controller at Programmer’s Paradise. He replaces former CFO William Sheehy, who recently resigned from the Shrewsbury, N.J.-based company.
Nynens will have his hands full trying to get the Programmer’s Paradise into the black. The company incurred a $428,000 net loss in Q3 of 2001, only marginally better than the $452,000 loss posted in the same period the year prior. Net sales took a nosedive in the third quarter, dropping to $24,177. That’s down from the $42,304 in net sales the company recorded during the same period in 2000.