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IT-Director: Red Hat: industry stunned as CFO walks out

Jul 28, 2000, 13:52 (17 Talkback[s])
(Other stories by Jack of Hearts)

"Red Hat has taken an unexpected hit this week with the news that its highly prized CFO, Harold Covert, is abandoning ship. Covert is said to be leaving the firm for ailing SGI where he will take on the role as CFO and chief administrative officer. He will be filling the boots of Betsy Rafael who left SGI in May for another firm."

"It's a bit of a surprise move though, especially as Covert only joined Red Hat in March and is heading off to essentially the same position with a company that could be considered a lot less glamorous. Quite why he is moving is the big question. There must be a problem of some sort if he is prepared to bail out after a six month tenancy and this will inevitably lead to questions being asked about the financial status of Red Hat."

"Off the back of the news of his departure, in fact, the Red Hat stock price took a bit of a tumble whilst SGI went skywards. That is of course a reaction to the rumours surrounding his departure, but until the real story comes out, Red Hat will have to do its best to fend off the speculators."

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