ActivCard’s CEO is out due to ‘difference of opinion’

SSN Staff  - 
Thursday, April 1, 2004

FREMONT, Calif. - Four months after coming onboard to lead ActivCard, chief executive officer George Garrick has already left the company.

In a press release in early February, company officials at ActivCard said Garrick left due to a “difference of opinion with the board of directors on the company’s strategic direction.” A search for a successor has begun.

The news came as a surprise to analyst Brian Ruttenbur with Morgan Keegan. In a report, Ruttenbur expected Garrick would outline and implement some new objectives for the company, which manufactures identity authentication solutions for identification cards, remote access and single sign-on applications.

Coinciding with the news of Garrick’s resignation, Morgan Keegan also said it anticipates a poor fourth quarter for ActivCard. The company’s revenue is expected to only hit $6.5 million instead of an earlier forecast of $9.2 million, a significant decrease for the business.