Spirent ousts CEO Burns after poor financial performance, Hutchinson assumes post
Spirent Communications announced that CEO Bill Burns is stepping down from his post immediately and will be temporarily replaced by the company's CFO Eric Hutchinson.
Hutchinson (Source: Spirent)
The company did not give a reason why Burns, who has served as Spirent's CEO since 2008, was leaving.
Financial analysts, reports Reuters, said that a possible reason for his departure was that the company did not make its revenue targets.
The test and measurement equipment vendor reported a 72 percent decline in first-half profit in August as a result of slow sales and poor performance in its network and applications unit.
"The timing of this departure suggests that perhaps we are not going to see a turnaround this year," Lee Simpson, a Jefferies and Co analyst, told Reuters.
In a statement, Spirent said that its board of directors will begin a search for a permanent replacement "in due course."
- see the release
- Reuters has this article
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