Brocade's Carney says company is not for sale
Brocade's (Nasdaq: BRCD) new CEO Lloyd Carney is already debunking rumors that it will sell the network vendor to another company.
Rumors of an impending sale stem from reports that said Carney's predecessor Mike Klayko, who decided to step down as the company's CEO last summer after seven years with the company, was looking for a buyer.
Carney, an experienced IT and technology veteran who took the CEO post just last week, has a lot of experience in selling companies. His last venture Xsigo was sold to Oracle, and he was part of the team that sold Micromuse to IBM (NYSE: IBM) in 2006.
As reported in Bloomberg, Brocade had been working with technology-investment banker Frank Quattrone to find a potential buyer like Dell or Oracle, both of which are trying to expand their role in the cloud computing segment.
However, Carney dismissed any rumors of a sale, saying Brocade has a lot of long-term potential as an independent company.
"This is not a short-term proposition," Carney told Bloomberg. "If someone shows up with stupid money, I have to listen to it. But my history is I'm not a quick-turn guy. I've never done that."
- Bloomberg has this article
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