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NBI FOR SALE AS CHIEF QUITS

NBI Inc president Thomas Kavanagh has resigned after 13 years at the Boulder, Colorado office systems company and Hambrecht & Quist, San Francisco is looking for a buyer for the company. Kavanagh has been succeeded by former StorageTek number two Stephen Jerritts, best known this side of the water for his spelling running Honeywell UK. According to Electronic News, Kavanagh was given an ultimatum to resign by August 1, but remains on the board. The US trade weekly says that Hambrecht & Quist is looking for $11 a share or about $100m for NBI; equipment leaser Capital Associates failed to reach agreement to take the company over at $7 a share, but NBI’s troubles really began at the beginning of the year when two investment groups built up stakes and demanded that the company restructure and sell bits.

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