Siebel Posts Loss, Says President Is Resigning

Siebel Systems Inc., a San Mateo-based maker of customer-service software, reported a fourth-quarter loss because of costs for closing offices and said President Paul Wahl is resigning.

The net loss was $38 million, or 8 cents a share, contrasted with net income of $65.9 million, or 13 cents, in the year-ago period, the company said. Sales declined 19% to $394.7 million.

The company also said Chief Executive Tom Siebel gave up $56.1 million in rights to buy company shares, saying it was “aligning compensation with the market.”

Siebel shares rose as much as 51 cents to $8.90 in extended trading after the news was released. The shares closed earlier at $8.39 on Nasdaq.