Citrix Systems shares slip after sales chief exits

The stock fell $1.36, or 4.1 percent, to $32.22.

Late Monday the Fort Lauderdale, Fla., company said that John C. Burris, 53, senior vice president of sales and services, will become chief executive at Sourcefire Inc., a company that makes network security products and information management systems.

Burris served on Sourcefire's board, and was approached by that company to serve as CEO, Citrix spokesman Jason Wyse said in a phone interview.

Until a replacement is found, all of the sales teams previously reporting to Burris will report directly to Citrix Chief Executive Mark Templeton, he said.

"We believe Mr. Burris is unfortunately departing at a critical juncture for the company, which raises the risk profile in the near term," Friedman, Billings, Ramsey & Co. analyst Daniel Ives said in a note to clients.

Ives cut his rating to "Market Perform" from "Outperform" and his price target to $37 from $43. The new target implies he expects the stock to rise 10 percent over Monday's $33.60 close.

Burris was one of the company's "linchpins" of success, and his departure, just as the company pushes forward in the virtualization and other markets, "could not come at a worse time," he said.

Virtualization software lets a single computer operate like multiple machines, allowing companies to spend less on equipment and energy in their data centers.

"Losing a Citrix sales and channel veteran like Mr. Burris raises the risk of these budding segments successfully executing according to plan," Ives said.