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The company, which moved from a mostly hosted-storage model to providing on-site storage, services and storage resource management (SRM) software, has seen sputtering sales during the past year.
Revenue dropped from $31.5m (£19.7m) in the fourth quarter of 2001 to $22m (£13.8m) for the same period in 2002.
"Because of the current economic climate and the immaturity of the SRM software market, we have decided to focus our energies on the opportunity we have to work with our partner EDS in further enhancing our storage management software products," new chief executive officer Paul Flanagan said.
Bell, who co-founded StorageNetworks in 1998, will continue to serve as chairman of the board of directors. Flanagan has also joined the board.