All-flash storage firm Violin Memory has removed its chief executive officer Donald Basile, as it seeks to turn the company’s fortunes around after a disappointing second half of 2013.
Basile will be replaced by the firm’s existing board of directors chairman Howard Bain, who will serve as interim CEO until a new candidate is found.
The decision to replace Basile with Bain for the interim was made after the stock price fell from its initial public offering of $9 per share earlier this year to below $3.
David Walrod, chairman of the Nominating and Corporate Governance Committee of the Board of Directors, said removing Basile was necessary to help the company move forward with a new vision.
“The board believes this leadership change is necessary to enhance the management team’s operational focus and ability to execute the company’s plans for profitable growth,” he said.
Bain said he would focus on cutting costs and expanding its routes to market in order to try and turn the firm around.
“While our fundamental strategy to drive growth remains unchanged, we will pursue additional tactical initiatives to improve the overall cost efficiency of the business and improve sales leverage through our partner and indirect channels,” he said.
“We have a robust product roadmap in place that positions us well to take advantage of the transition to a memory-based data centre and build an even stronger future for all of our stakeholders.”
The management shake-up comes amid numerous changes at major companies, with Microsoft currently seeking a new CEO as Steve Ballmer prepares to depart and Qualcomm appointing former chief operating office Steve Mollenkopf as CEO.
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