WordPerfect Corp. confirmed Friday it reorganized its board of directors. As part of that change, one member of the company's triumvirate resigned, the company announced.
Pete Peterson, executive vice president and board member, left those positions to "pursue other interests," according to a WordPerfect statement.Peterson will still serve as a "strategist" for the company, said Jeff Acerson, director of public relations.
Peterson was responsible for the day-to-day operations of the company; his duties will be divided among other corporate officers.
Peterson joined WordPerfect in 1980 and served on its board of directors with founders Alan Ashton and Bruce Bastian. He previously owned a drapery business.
Acerson described Peterson's departure from the board and his executive position as amicable. Ashton and Bastian each hold a 49.9 percent interest in the company; Peterson retains a .2 percent interest in WordPerfect.
WordPerfect will now be guided by a five-member board. Ashton remains president of the corporation and Bastian stays chairman of the board. New board members are: Duff Thompson, vice president and general counsel; John Lewis, vice president, International; and David Moon, senior vice president for Development. All have been with the company for years.
"We have been discussing reorganization in marketing, development, management and corporate direction and feel that, as we continue to grow, these changes are necessary for the long-term success of the company," Bastian said.
The company also plans to create an executive committee to guide marketing decisions, Acerson said. WordPerfect's explosive growth requires more dispersed management, he said. WordPerfect has 3,600 employees in Utah County and dominates about 65 percent of the DOS word-processing market.