Quest Software jumps on new CEO appointment, $400M buyback
Shares of Quest Software, Inc. (Nasdaq:QSFT) are jumping in pre-market trading after the enterprise systems management software maker said after Wednesday’s close that it appointed a new CEO and will buy back $400 million in stock.
The company said it has appointed Doug Garn as chief executive officer of the firm. Garn joined Quest in 1998 and has served as the company’s president since February 2005. Prior to that, he served as Quest’s vice president of worldwide sales.
The company will also buy back $400 million in stock through a “Dutch auction” tender offer at a price per share between $13.25 and $15.50.
Shares leaped 15%, or $1.62, to $12.20 in pre-market trading. For detailed price information and news stories on Quest Software, click QSFT.
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