A group of disenchanted Novell shareholders has got together online in an attempt to overthrow the entire board.
Internet newsletter Silicon Investor is calling for a grass-roots rebellion against Novell. It said Calpers, the biggest pension fund in the US, could lead the revolt.
Calpers is noted for its active involvement in underperforming share, and has recently placed Novell on its list of ?laggard? companies.
But the organisation had no plan to take action against Novell, unless it failed to take steps to remedy its laggard status.
In a sop to the US investment community, Novell president Joe Marengi last week announced that the company may tap in to its $1 billion cash stash to buy new products or technologies.
This message could strike terror in the hearts of long-suffering Novell shareholders. Novell has perhaps the worst record of the software companies in its acquisition policy ? as its experiences with USL and Wordperfect bear witness.
This time around, the company intends to be a little more careful, and a lot more modest in its ambitions. It intends to focus on making in-fill acquisitions to plug gaps in its product portfolio.
Marengi said the company would appoint a new CEO in 30 to 60 days.
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