Pinnacle Systems' Kim Fennell has resigned as the president and chief executive of the manufacturer. Current board member Charles Vaughan has been appointed as Pinnacle's interim president and chief executive while the board searches for a successor. The resignation follows the announcement of first quarter 2004 results in which the company reported a 3% rise in revenues but lost $8.39m (£5.21m), excluding costs related to amortisation and in-process R&D - compared with a profit of $4.19m (£2.60m) in the same quarter last year.
Pinnacle Systems' Kim Fennell has resigned as the president and chief executive of the manufacturer. Current board member Charles Vaughan has been appointed as Pinnacle's interim president and chief executive while the board searches for a successor. The resignation follows the announcement of first quarter 2004 results in which the company reported a 3% rise in revenues but lost $8.39m (£5.21m), excluding costs related to amortisation and in-process R&D - compared with a profit of $4.19m (£2.60m) in the same quarter last year.
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