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.
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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."
For more:
- see the release
- Reuters has this article
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