In a shocking development, VMware (NYSE:VMW) Tuesday morning announced that the company’s board has ousted co-founder Diane Greene as president and CEO, handing the posts to Paul Maritz, who had been running the cloud computing division at VMware parent EMC (NYSE:EMC). Maritz previously spent 14 years at Microsoft (NASDAQ:MSFT).

The company did not give a reason for the management change.

VMware also said that 2008 revenue will be “modestly below” its previous guidance of 50% growth over 2007.

VMW Tuesday morning was down $12.39, or 23.3%, to $40.80; EMC is off $1.29, or 8.5%, to $13.85.