- Tom Krause, who resigned as president of Broadcom Inc.'s ( NASDAQ: AVGO ) software group earlier Monday, is expected to become the CEO of the company being formed by the combination of Citrix Systems ( NASDAQ: CTXS ) and Tibco Software. Citrix rose 1.8%.
- Krause is expected to become CEO after Citrix's ( CTXS ) planned $16.5 billion sale to Vista Equity and Elliott's Evergreen Coast Capital closes, according to traders, who cited a Bloomberg report. The deal is expected to close in 3Q.
- Broadcom ( AVGO ) earlier announced that Hock Tan, Broadcom's president and CEO, will immediately assume Mr. Krause’s responsibilities, and the position of President of Broadcom Software Group will be eliminated.
- Krause's departure comes as Broadcom ( AVGO ) agreed to purchase VMware ( VMW ) for $61 billion in cash and stock in May.
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Broadcom's Krause reportedly to become CEO of combined Citrix-Tibco