Pacific Softworks Reshuffles Management

Pacific Softworks in Newbury Park has reorganized its top management team as it tries to enhance the company’s position in the rapidly growing market for Internet technology.

The board of directors has appointed William E. Sliney, formerly its chief financial officer, as president and chief operating officer. With Sliney assuming operating responsibility for Pacific, board Chairman Glenn Russell will focus on the company’s strategic interests, officials said.

“Dramatic changes in the marketplace are now driving us to rethink our strategic options in not only our technologies and competencies, but also in our business models,” Russell said.

Sliney joined Pacific Softworks in April. Before that he was chief financial officer of Legacy Software Inc.

In addition to the reorganization, the board of directors approved the allocation of up to 1.5 million performance warrants as an incentive to advisors to support Russell’s efforts. Tied to results, these warrants will vest only if Pacific’s common stock trades at $10 or better.

Pacific Softworks develops and licenses Internet and Web-related software and software development tools.