U.S. Report: Quarterdeck CEO quits

Quarterdeck CEO Curt Hessler is putting his money - and his job - where his mouth is.

The company announced Wednesday that Hessler was resigning as CEO, president and director as part of a move to cut costs at the PC toolmaker. Hessler said he will continue to advise the company. "This program aims foremost at reducing management costs, and I strongly believe such efforts should start at the top," Hessler said in a release. "Leading this fine company has been a great privilege, but at this point I can do more at lower cost for Quarterdeck from an advisor role."

Board member King Lee has been named interim president, pending selection of a new CEO. Quarterdeck announced a cost-reduction program last month in response to weak quarterly sales. The company said at the time that it would declare an operating loss of "several million dollars," and that revenues would be 20 to 25 percent below the $20.6 million pulled in during the first quarter. The company said then that in addition to cutting costs, it would reduce headcount, although it didn't say by how much.

The company is expected to announce results for the quarter on July 30