Broadcom's Krause to become CEO of combined Citrix-Tibco (update)
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Update 4:12pm: Add company confirmation of executive news.
Tom Krause, who resigned as president of Broadcom Inc.'s (NASDAQ:AVGO) software group earlier Monday, will become the CEO of the company being formed by the combination of Citrix Systems (NASDAQ:CTXS) and Tibco Software. Citrix rose 1.6%.

Krause will become CEO after Citrix's (CTXS) planned $16.5 billion sale to Vista Equity and Elliott's Evergreen Coast. The deal is expected to close in 3Q.
Dan Streetman will continue to serve as TIBCO CEO, and Bob Calderoni will continue to serve as Citrix Interim CEO and President, until the completion of the combination of Citrix and TIBCO, according to a statement.

Broadcom (AVGO) earlier announced that Hock Tan, Broadcom's president and CEO, will immediately assume Mr. Krauseâs responsibilities, and the position of President of Broadcom Software Group will be eliminated.
Avgo shares dropped 3.1%.

The Krause news was earlier reported by Bloomberg.
Krause's departure comes as Broadcom (AVGO) agreed to purchase VMware (VMW) for $61 billion in cash and stock in May.