Thursday, October 22, 2009

Extreme Networks Appoints Acting CEO, Announces Job Cuts

Extreme Networks announced the resignation of its CEO, Mark Canepa, along with a corporate restructuring and a reduction in its workforce.

Bob L. Corey has been appointed as acting CEO and that the company has initiated a search for a permanent CEO. Mark Canepa will remain with the company for a limited period of time to assist in the transition.

Extreme also announced a re-organization to streamline its operations and reduce recurring costs. As part of this restructuring, Extreme has reduced its workforce by approximately 70 employees or almost 9 percent of its worldwide workforce. The reductions have been completed and the Company anticipates it has lowered its operating expenses approximately $2.5 million per quarter.

Corey recently joined Extreme Networks as its Senior Vice President and CFO, after serving on Extreme Networks Board of Directors for approximately 6 years. Prior to Extreme Networks, Corey served in a variety of executive positions, including Executive Vice President and Chief Financial Officer for Thor Technologies, Inc. and Executive Vice President and Chief Financial Officer of Documentum, Inc.

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