CEO Mark Canepa Resigns as Extreme Networks Sheds Staff

The rumors I reported regarding Extreme Networks were true.

In an SEC filing and an accompanying press release posted last night on its website, Extreme Networks announced cuts to 70 employees and the resignation of CEO Mark Canepa.

The layoffs amount to approximately nine percent of Extreme’s worldwide workforce.

While Extreme looks for a permanent CEO, Bob L. Corey will succeed Canepa as acting chief executive. Canepa, who resigned to pursue “other opportunities,” will remain with the company for a limited time to assist with the transition. He will also surrender his board position at Extreme.

Said Gordon Stitt, chairman of Extreme’s board of directors, regarding Canepa’s resignation:

“Mark has managed the company through a difficult and challenging time for our industry. During his tenure, he implemented significant changes that have improved many aspects of our operations. We greatly appreciate his service to Extreme Networks.”

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