New Informix Chief Executive Selected

Robert Finocchio Jr. was named president and chief executive of database software maker Informix Corp. He replaces Phillip White, who will continue in his role as chairman. Finocchio, 46, who previously was president of 3Com Corp.’s systems division, will oversee daily operations at the Menlo Park-based firm. Informix has reduced its worldwide work force by 10% since reporting a larger-than-expected first-quarter loss in May as sales plunged after products based on a new technology that didn’t pan out. The company said it had focused too much on trying to sell an advanced technology that lets users search for information by image or document rather than by words. Informix’s chief financial officer quit in May. Takeover rumors have surfaced repeatedly. Shares of the software company rose $1.09 to close at $10.81 on Nasdaq. Analysts applauded the management change.