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CDC SOFTWARE MULLS FUTURE AFTER TURMOIL
CDC Software is trying to chart out its future following a fall full of executive turmoil. On October 29, the board of directors created a management committee to consider the future strategy for growth, potential M&A transactions to improve its performance and reductions to the company's cost structure. The committee is comprised by officers and senior employees and interim CEO Dr. C.K. Wong.
This appears to be the fallout from last month's action in which CDC Software's parent filed for Chapter 11 protection as both companies dealt with the impact of a $65 million judgment obtained against it by holders of CDC debt. CEO Peter Yip was removed from his job in October based on a finding he had lied under oath during the litigation surrounding the debt. Lee Lam took the CEO's job, but resigned after two days later. That occurred after Yip threatened to sue and placed himself on medical leave with the board then voting three to two to approve the leave. CDC Software's major product lines are the Ross ERP and Pivotal CRM packages.
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