Storage Networks CEO quits; staff cut in half
Storage Networks announced that co-founder and CEO Peter Bell has stepped down “in order to pursue other personal and business interests.” Paul Flanagan, who has been the company’s chief financial officer since 1999, has replaced Bell as CEO. Bell will remain Storage Networks’ chairman.
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In conjunction with the management change, the company revealed that it will cut about half its staff, bringing its total headcount down to approximately 110. The company also said it would now focus on opportunities to work with its partners to develop storage management software products. As a result Storage will make cuts to its sales and marketing teams, as well as its non-storage resource management development efforts.
Storage Networks has been hampered by an immature market and falling revenues. For the third quarter the company posted revenues of just $22 million, down from $31.5 million a year earlier and $23.8 million in the second quarter.--By Toby Weber, staff writer
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