“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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