Websense Inc., the San Diego-based provider of Internet filtering software for businesses, announced that Chief Executive Officer John Carrington will be stepping down, as the search for a new CEO has begun.
Carrington told analysts Jan. 26 that the decision was “not prompted by health or other personal issues,” and that the “time is right to recruit a new CEO.”
Carrington, 60, who has been at the helm since 1999, said he will retain the title of chairman of the board after a successor is found and will provide more long-term, strategic direction to the firm.
The company said it hopes to find a successor by January 2006, but there is no deadline for the process.
Websense also reported fourth quarter and year-end results. The 11-year-old company reported net income for its fourth quarter of $8.1 million on revenues of $31.6 million, compared with net income of $4.5 million on revenues of $22.7 million for the like period of 2003.
For 2004, Websense had net earnings of $26.2 million on revenues of $111.8 million. Sales were up 37 percent from last year.
Traded on Nasdaq under WBSN, shares rose by $4.12 on Jan. 27 when the company released its news to $54.85, a new high. About 14 months ago, Websense was trading at about $26.
The company said it expects between $33 million and $34 million in subscription sales for the first quarter, and hit net earnings per share of 33 cents, equaling the EPS for the fourth quarter.