Broadcom (AVGO) President Krause Leaves for Citrix-Tibco Role

Tom Krause, who stood down as president of Broadcom Inc's (NASDAQ: AVGO) software group, will be appointed chief executive officer of the company formed through the Citrix Systems Inc. (NASDAQ: CTXS) and Tibco Software merger, it was announced Monday.

Once the merger closes, which is expected to occur in the third quarter, Krause will become CEO. 44-year-old Krause, who joined Broadcom in 2012, was said to be one of the top negotiators in the company's acquisition of cloud-computing company VMware.

Krause stated: "Citrix and TIBCO are pioneers in their respective markets, and I am honored to take the helm of a global enterprise software leader that will continue to accelerate digital transformations and the future of hybrid work."

In January, Software company Citrix Systems revealed it would be taken private for $16.5 billion by affiliates of Elliott Management and Vista Equity Partners.

The combination of Citrix and TIBCO will create one of the world's largest software providers, serving over 400,000 customers since Citrix and TIBCO were founded, with over 100 million users in over 100 countries.

John Stalder, Managing Director at Vista, said: "We have the highest confidence in Tom's ability to lead the combined teams of Citrix and TIBCO. Their employees, customers and partners will all benefit from his experience, as the combined company looks to continue to innovate and deliver market-leading solutions globally."

By Sam Boughedda

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