Level 8 Systems has announced the resignation of Paul Rampel as president as part of a streamlining of operations, which includes the recent closure of its California development facility and the sale of its Star/SQL and CTRC software products.
John Broderick, Level 8's chief financial officer, will assume the additional role of chief operating officer, responsible for day-to-day operations, reporting to CEO Tony Pizi.
The restructuring is part of an effort to concentrate resources on revenue-generating opportunities from sales of the Cicero product to financial sector institutions, says Pizi. The Cicero software was initially developed for use at Merrill Lynch to integrate existing applications and legacy systems.
Rampel, who remains a board director at level 8, has bought back the Star/SQL and CTRC products from Level 8 for $365,000. These products were initially acquired by Level 8 from Rampel's affiliate StarQuest Ventures in 2000. Level 8 says it has used $150,000 of the proceeds of the sale to pay back borrowings from Rampel.