CDC Software, a wholly owned subsidiary of CDC Corporation (CHINA), announced that Eric Musser has been promoted to president of CDC Software, effective immediately. Previously, Musser held positions as chief technology officer of Ross Systems and president of IMI, and most recently as executive vice president of strategy for CDC Software.
"Eric has been central to our success, driving synergies throughout our global organization. He has also been instrumental in setting the direction for the company, while driving our acquisition activity and overall evolution of our products and services for key vertical industries," said Peter Yip, chief executive officer of CDC Software. "This promotion is a confirmation of Eric's successful track record and I am confident that he will provide the guidance needed for the strong management team we have assembled. This is also another important step as we continue to prepare CDC Software to operate and grow successfully as a stand-alone company."
At the same time, CDC Corporation withdrew its bid to buy customer relationship management software firm Onyx. In face-saving statements to the press, CDC said that Onyx failed to provide CDC with acceptable documents that would have allowed it to close a deal. The company also took a mean-spirited swipe at Onyx by saying that Onyx's second quarter prospects looked poor.
The Associated Press reported that Yip said, "We continue to be disappointed with the obstacles to productive discussions from Onyx's board of directors. We believe that the process used to sell the company will not provide Onyx shareholders with maximum value."
Throughout the last year, Onyx had repeatedly told CDC that it was not interested in a deal with the China-based company. As of last week, CDC was also stating that it was pushing forward with litigation to force Onyx to sell.