Corel has named current CEO Derek Burney as chairman of the company, leaving the recently-acquired firm on the hunt for a new CEO.

Investment company Vector Capital acquired Corel in late summer in a $124 million takeover. Vector Capital principal Amish Mehta, who was responsible for the takeover of the company, will act as interim CEO while a new one is found.

Burney said: "Amish Mehta brings a wealth of management and industry experience to the table. He has an impressive track-record of helping companies refine their strategy, improve revenue performance and deliver profitability. We are excited to have him lead Corel's executive team."

Mehta said: "Corel has exceptional employees, world-renowned software, loyal customers and a reputation for innovation. I am excited to lead Corel in unleashing the full potential of its considerable assets, as we increase our focus on the company's most successful business lines, led by CorelDraw and WordPerfect."