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Network Associates names Samenuk as new CEO

Network Associates, the computer security company, has named George Samenuk, a veteran IBM executive as its new CEO.
Written by Lisa Burroughes, Contributor

Network Associates, the computer security company, has named George Samenuk, a veteran IBM executive as its new CEO.

Samenuk replaces Bill Larsen who has been in charge of the company since 1993, but announced his departure last week amid forecasts of further drops in sales. The company saw a dramatic drop in share price at the end of December after a period of poor sales, which has prompted legal action from the company's shareholders. A class action lawsuit was filed on Wednesday in California seeking damages for business activities between July and December 2000. Samenuk most recently served as president and CEO of online exchange Tradeout.com. Network Associates' share price has risen 75 cents on the news of his appointment.
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