From Deseret News archives:
Novell co-founder dies
Raymond Noorda hailed for pioneering high-tech work
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A 1993 article in Fortune magazine described Mr. Noorda as an "easygoing" chief executive with a "casual style" like the late Wal-Mart founder Sam Walton. The article stated that Mr. Noorda had become a billionaire off of Novell's stock.
After retiring from Novell in 1995, Mr. Noorda founded the Lindon-based Canopy Group (now Canopy Ventures), which invests in start-up companies.
Last year the firm was the focus of a dueling lawsuits with three of its former executives who filed a suit alleging they were illegally terminated in December 2004. Canopy lodged a countersuit, saying the fired employees tried to take $25 million from the company while taking advantage of Mr. Noorda's failing health. In a settlement in March 2005, the three former executives received an undisclosed amount of money.
At the time of the lawsuits, Canopy was reported to be worth $300 million.
Gov. Jon Huntsman Jr. is also quoted on Canopy's Web site, calling Mr. Noorda one of the "innovators of the Utah Miracle."
E-mail: sspeckman@desnews.com
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