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January 15, 2013

Websense Names James McCormack as its New Chief Executive Officer

By Shankar Pandiath, TMCnet Contributor

Websense (News - Alert) Inc., has named John McCormack  the company’s new chief executive officer, effective immediately. McCormack also becomes a member of the board.

McCormack, who joined the company in July 2006 as senior vice president of product development, was named president in April 2009. He succeeds Gene Hodges, who is retiring after serving as both a member of the board and the company’s chief executive officer, a post he has held since January 2006.

In addition, Websense, a provider of Web, e-mail, and data security solutions, also announced a record fourth quarter billings performance and the appointment of Charles Boesenberg's appointment to the board of directors and Russ Dietz as the company's chief technology officer.

“The board and I would like to thank and congratulate Gene for a strong fourth quarter performance and for all that he has accomplished in transforming Websense into a leading content security provider," said John Carrington, chairman of the Websense board of directors.

"John McCormack has taken the lead in the successful execution of our strategic initiatives, enabling us to generate solid fourth quarter billings growth amid the continued expansion of our field sales organization," added Carrington. "As president, he has demonstrated his executive acumen while leading our worldwide sales and sales engineering teams; our marketing, product management, business development and technical support organizations; as well as the Websense Security Labs and research and development."

With solid sales of our TRITON products across all global markets, we were able to achieve billings results above our expectations," said John McCormack. "I look forward to continuing this momentum as we expand our sales coverage and reach more customers with our innovative content security solutions."

The San Diego, California-based online security firm also released its preliminary fourth quarter 2012 results. The company now expects billings to be about $122 million, up 5 percent from last year and exceeding its prior guidance range of $112 million to $117 million.

Shares of Websense Inc.,  rose Monday after the data security company named a new chief executive officer and announced better-than-expected fourth-quarter billings.

The company now forecasts fourth-quarter adjusted earnings of $0.27 to $0.28 per share, compared to prior guidance of $0.32 to $0.35 per share. The revised outlook primarily reflects the increased sales commissions incurred with the higher-than-expected billings during the quarter. In addition, Websense now expects revenues for the quarter of $91.5 million to $92.0 million, compared to its prior guidance of $90 million to $92 million. On average, analysts polled by Thomson (News - Alert) Reuters expect the company to earn $0.33 per share for the quarter on revenues of $91.01 million.

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Edited by Rich Steeves
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