Three senior executives of software company Iona Technologies, including CEO Barry Morris, have resigned in a shake-up of senior management.
The company's co-founder and chairman Dr Chris Horn takes over as CEO with immediate effect.
Kevin Melia, an Iona board member since 1994, has been appointed chairman. Melia is founder and CEO of Manufacturers Services and a former CFO of Sun Microsystems.
Morris has been CEO since May 2000. Chief operating officer Steven Fisch and executive vice president of corporate development David James have also resigned.
'The board of Iona Technologies is responding firmly to the challenges and opportunities of the changed marketplace, to position the company for profitable growth and to take advantage of market opportunities through business and new product development,' said Dr Horn.
Last month Iona announced plans to lay off 170 staff this year as part of a radical restructuring of the company following a profit warning.
Shares in Iona closed five cent lower at €1.55 in Dublin this evening. The shares had gained over 23% in recent days on rumours of a major announcement from the company.
