Business applications company Siebel Systems Inc. has named George Shaheen as its new CEO, effective immediately, the company announced. Shaheen is replacing Michael Lawrie, who became CEO just last May. Siebel's board of directors and Lawrie mutually agreed that he would resign the position.

Lawrie's dismissal comes just hours before a scheduled meeting of disgruntled institutional shareholders. Providence Capital Inc. arranged the New York meeting, at which it planned to discuss with other major investors Siebel's strategy and board of directors composition.

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