Core Security Technologies, one of a handful of companies hawking penetration testing tools to businesses, is looking for a new CEO to replace Paul Paget.
According to an analyst report from The 451 Group, there are red flags about the future of Core after news emerged that Paget and product manager Max Caceres are leaving the company.
Caceres, a 10-year veteran who served as the public face of Core and managed the development of the first two releases of the company's flagship Core Impact, is leaving to "pursue other projects."
Paget has confirmed that Core's board of directors has decided to look for a new CEO but he plans to say on through the transition.
Core, a 130-employee firm that competes with Immunity, Metasploit and vulnerability scanning software providers like eEye, NGSS and Qualys, has raised a total of $9 million in VC funding since 2001.
According to The 451 Group, Core claims about 500 customers -- most buying Impact at $25,000 a seat -- but the company has struggled to turn a profit.