Local Tech Wire

RALEIGH, N.C. – Matthew Szulik, the longtime chairman and former chief executive officer credited with helping build (NYSE: RHT) into the world’s top Linux software developer and services provider, is leaving the company.

In a on Wednesday, Red Hat said Szulik submitted a letter of resignation on May 20. In that letter, Szulik said he would not stand for re-election to the company’s board when his current term ends on Aug. 12.

In April, Szulik sold off more than 1 million of his shares in the company, including hundreds of thousands in which he exercised at an option price of 50 cents and sold for at some $30 each, according to data at Yahoo! Finance.

Szulik stepped down as CEO in late 2007, citing family health concerns, but remained chairman. He was replaced by current CEO Jim Whitehurst.

In March 2009, his term as chairman was extended another year.

His letter as filed with the SEC:

Members of the Board,

This letter is to inform you that I do not intend to stand for re-election to the Board of Directors of Red Hat when my term ends in August. Please let this letter serve as my resignation from the Board as of August 12, 2010, the date of our Annual Meeting of Stockholders.

I have had the honor of participating in Red Hat’s growth from a start-up company through its current status as an S&P 500 corporation that is the world’s leading provider of open source solutions. Throughout my ten-plus years with Red Hat, I have enjoyed the opportunity to work with the many talented and dedicated individuals who have helped make Red Hat what it is today, including my fellow board members and the Red Hat employees, past and present, who believed enough in the possibilities of the open source way to make Red Hat a success.

However, I am at stage in my life when I would like to have more time and energy available to devote to my family and some of my personal interests outside of Red Hat. My decision is not, of course, the result of any disagreement with or concerns about Red Hat, the Board or company management on any matters.

It is hard for me to make this decision, but I know that I will leave the Company strong in its position, proud of my contributions to its success, confident in the abilities of Jim [Whitehurst}, our CEO, and the rest of my fellow board members to guide Red Hat into the future and excited to see what new developments Red Hat employees have in store for us in the years to come.


/s/ Matthew

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