Sagent Executive Reshuffling Continues

Steven Springsteel, the company's COO and CFO, resigns.

Sagent Technologies Inc. announced Wednesday that Steven Springsteel, who had held the dual titles of chief operating officer and chief financial officer at the business intelligence software company, has resigned from the company, effective Friday, to pursue other business opportunities.

Springsteel had taken on the COO role in addition to his CFO responsibilities last October when CEO Ben Barnes stepped down, officially to "pursue other activities." Andre Boisvert, the former president and COO of SAS Institute Inc., has remained Sagents interim CEO since. Boisvert has been Sagents chairman for the past year and will now assume the COO role vacated by Springsteel as well.

Springsteel had previously been COO and CFO of systems management software developer NOCPulse Inc., which has since been acquired by Red Hat Inc.

"I came in with a specific board-driven mandate to be part of a team, to stabilize Sagent and to position it for future growth," said Springsteel in a statement. "I feel a real sense of accomplishment as I leave Sagent having delivered on this mandate."

Springsteel first joined Sagent in November 2001. The day after his appointment was announced, Sagent, of Mountain View, Calif., announced that it was investigating suspect sales contracts that forced the company two weeks later to restate its revenues at nearly $5 million less than previously reported.

In its most recent quarter, ended Sept. 30, Sagent lost $9.1 million on $8.8 million in revenues. It was down to $5.2 million in cash by the end of that quarter. The company has yet to issue any preliminary earnings numbers for the fourth quarter.

Sagent also announced Wednesday that Patricia Szoka has been named chief accounting officer of the company.