Vastera names Davenport CEO
Tim Davenport has been named president and chief executive officer of trade compliance software and consulting provider Vaster Inc. He replaces Mark Ferrer, who was reassigned for personal reasons.
Davenport has served on Vastera’s board since April 2000 and previously served as chairman and CEO of Best Software Inc.
The company also said it has elected Richard Lefebvre chairman, replacing Arjun Rishi, who will remain a director.
Wall Street analysts noted that the leadership shuffle follows weaker-than-expected third quarter results Oct. 23. At that time, the company said Nicolas Nierenberg had resigned as a director to “devote more time to other business interests and activities.”
Total revenues for the third quarter were $21.7 million, up 13 percent from the same period in 2002 and relatively flat from the second quarter. The company reported a net loss of $129,000 compared to a loss of $4.2 million in the same quarter one year ago.
Meanwhile, Bear Stearns & Co. said Vastera’s revenue guidance for the fourth quarter of $21.1 million to $21.7 million is slightly shy of consensus guidance of $22.7 million.