HDS Network Systems Inc’s president and chief executive Mark Gelberg unexpectedly resigned yesterday, just as the King of Prussia, Pennsylvania company prepares to launch its version of the Network Computer. Gelberg founded the predecessor of HDS, X- terminal specialist Human Designed Systems Inc way back in 1977, which was subsequently acquired by Information Systems Acquisition Corp last year, which, as the name suggests was set up to buy technology companies. It then changed its name to HDS in order to go public (CI No 2,616). The company claimed Gelberg had been discussing the move for a while, but with the company floated, it claimed his work was done and he is off to pursue other interests. The move works well for him and for the company, it said. Chairman Arthur Spector has assumed the role for now, but his tenure is expected to be temporary. Spector’s other job is director of acquisitions at Safeguard Securities, a significant shareholder in HDS, which contributes three of HDS’ board members. He is looking to replace Gelberg either through an acquisition or otherwise. The company confirmed that a reverse takeover is certainly one possibility,, but it would also look at individuals. HDS launches its network computer offering on June 11, claiming it will connect to absolutely anything: mainframe, midrange, Unix or PCs (CI No 2,902).
