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CNET News.com: Red Hat CFO leaves for struggling SGI

Jul 24, 2000, 22:18 (5 Talkback[s])
(Other stories by Stephen Shankland)

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"In a surprise move, SGI has hired Red Hat's Hal Covert to become chief financial officer, just four months after he started his last job."

"Covert joined Red Hat in March after stepping down as CFO of graphics software powerhouse Adobe Systems."

"Covert was seeking a new challenge, said Red Hat spokeswoman Melissa London. "The prospect of heading back to (Silicon) Valley and turning SGI around is really appealing to him," she said."

"Red Hat is the highest-profile business based on the Linux operating system, which SGI has moved to embrace as well. Neither company, however, is financially flush. Red Hat expects profitability midway through next year, while SGI is in the middle of a years-long recovery effort to restore its former status as one of the world's cutting-edge hardware designers."

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