It's not easy being purple. At least that's what Extreme Networks (known for its purple colored packaging) is probably feeling these days as the company, which is facing a tough battle to gain a stronger foothold in a market dominated by both Alcatel-Lucent, Cisco and Juniper, decided to not only ask its current CEO to step down, but also let 70 of its workers go.
This effort, as reported in FierceTelecom's sister publication FierceOnlineVideo, will help "create an operating model that will position Extreme Networks for sustained profitability as quickly as possible."
Mark Canepa, who has been with the company since 2006, will remain on board at Extreme to assist recently appointed CFO Bob Corey take on the Acting CEO role before Extreme finds a permanent replacement. From the looks of it, Canepa is not the only major executive to be shown the door. Extreme also did away with the chief counsel job that was held by Robert Shlossman, a position that appears will now be handled by current VP Diane Honda.
Although Extreme has not officially reported its current earnings, the company projected they would fall below the $14.4 million of Wall Street expectations.
- see the FierceOnlineVideo article
- Network World has this article
- see the release
Extreme Networks lays off 70; CEO Mark Canepa moves on
Extreme Networks Completes US Department of Defense Joint Interoperability Test Command VoIP Assurance Testing
Extreme snaps up Soapstone Networks at bargain price