TenFold Corp. has named an interim leader following the departure of Nancy Harvey, who had been the company's president, chief executive officer and chief financial officer.
Robert W. Felton will take over those roles immediately, the Salt Lake-based company said Thursday. Felton recently was elected chairman of the company's board and is a longtime board member and substantial company shareholder.
"We appreciate Dr. Harvey's service over the last five years helping TenFold resolve legacy issues, restructure and reposition to emerge as a growth technology company," Jeffrey L. Walker, TenFold's founder, said in a prepared statement.
Felton founded and chaired DevonWay and founded and served as CEO of Indus International, as well as being founder, president, CEO and venture capitalist for Indus' predecessor, The Indus Group. He also founded and served as CEO of Tera Corp.
"Mr. Felton reiterated his commitment to help TenFold secure proper financial backing and then to spend his time working with existing and potential customers to increase the company's revenues," the company said in announcing the changes.
Felton said Harvey "provided the operational and financial leadership necessary to guide TenFold through a very difficult five years. She stepped up and accepted the chief executive officer position in a time of travail and did a marvelous job of holding the company together through very trying times."
TenFold licenses technology for applications development.
TenFold was founded in 1993 in San Francisco and moved to Utah in 1996. Its revenue growth in the latter half of the 1990s led to its ranking on the "Deloitte & Touche Technology Fast 500" list of the fastest-growing technology companies in North America. But customer contract disputes followed, forcing one to file suit against TenFold. Quarterly losses piled up. Its work force was trimmed.
By late 2002, the company suggested it might seek reorganization under Chapter 11 bankruptcy protection and revealed that the U.S. Securities and Exchange Commission had filed a civil lawsuit against the company and four of its former officers or employees. The suit alleged that the company and officials fraudulently misrepresented or failed to disclose important information about the company's contracts, operations and earnings in certain SEC filings in 1999 and 2000. The SEC issues ultimately were settled. A shareholder class-action lawsuit against the company and a few former and current officers and directors also was settled.
This week, TenFold reported a net loss of $341,000 on revenues of $1.5 million in the third quarter, compared with a loss of $2 million on revenues of $1.8 million a year earlier.
TenFold stock fell a penny Thursday to close at 26 cents per share. During the past year, it has ranged from 22 cents to $1.17. In 2000, it was nearly $77.