Sacramento Kings Chairman Vivek Ranadive stepped down Friday as chairman and chief executive of the software company he founded in 1997.
The move was announced as Tibco Software Inc. of Palo Alto completed the $4.3 billion sale of the company to private investment firm Vista Equity Partners.
Ranadive’s resignation from Tibco wasn’t a surprise. When the company announced in September that it was being sold, Ranadive said his future role with Tibco was uncertain. In a news release, the company said Ranadive will remain a board member “and will assist the company with strategic projects.”
“After many years as founder, chairman and CEO, I felt the timing was right for me to pursue exciting new opportunities while continuing to serve as a board member,” Ranadive said in a statement released by Tibco.
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Ranadive made more than $290 million from the Tibco sale, regulatory filings show.
The company’s chief operating officer, Murray Rode, has replaced Ranadive as CEO.
Tibco has been a leader in the world of “big data,” which enables major corporations to manage enormous flows of information. But the company faltered in the past two years, and some investment analysts said Ranadive’s attention was diverted by his involvement with the Kings.
Ranadive led the investor group that purchased the team last year from the Maloof family.
Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.