UPDATE 1-Informatica says two directors resign
BOSTON, Oct 2 (Reuters) - Business software maker Informatica Corp (INFA.O) said on Thursday that two independent directors unexpectedly resigned from its board.
The company disclosed the resignations of Janice Chaffin, a group president with Symantec Corp (SYMC.O), and Carl Yankowski, former chief executive of Palm Inc (PALM.O), in a filing with the U.S. Securities and Exchange Commission. The filing did not say why they resigned.
Chaffin, on the board since 2001, and Yankowski, who joined in 2003, could not be reached for comment. Their board terms were due to end in 2010.
Informatica spokeswoman Deborah Wiltshire said the company would not discuss the reason for the departures, except to say the two directors did not leave on bad terms.
"There's no dispute between them and the management team or the board. That's all I can tell you," she said.
Analysts have long speculated that Informatica might be acquired amid a wave of consolidation in the software industry, particularly companies such as Informatica that help businesses organize and analyze data.
Analysts say potential buyers include Hewlett-Packard Co (HPQ.N), IBM (IBM.N), Oracle Corp (ORCL.O) and SAP AG (SAPG.DE).
Informatica shares fell 59 cents, or 4.4 percent, to $12.74 on Nasdaq before the news. So far this year, the stock has dropped 26 percent, compared with a 22 percent decline in the Nasdaq composite index .IXIC. (Reporting by Jim Finkle; editing by Jeffrey Benkoe)
