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Avaya CFO out as it records falling revenues

As the company prepares for IPO, its results are laid bare and show a story of dropping revenues and net losses

Avaya has appointed a new chief financial officer (CFO), coinciding with its latest results showing falling revenues.

The communications firm announced this week it had hired Dave Vellequette from JDS Uniphase as the new CFO, but failed to explain why its previous executive, Anthony Massetti, was “departing.”

“Dave's deep financial expertise and track record of success make him an excellent addition to Avaya’s senior leadership team," said Avaya CEO Kevin  Kennedy, .

But when Computer Weekly asked the firm why Massetti was leaving, we did not receive a response further than “[he] is leaving Avaya to pursue outside opportunities.”  

Although it is not yet a public company, Avaya is building up to its IPO and having to file its results with the Securities and Exchange Commission (SEC) as part of the process.

The latest filing from the firm for the three month period ending 30 June 2012 showed product revenues dropping by $95m and services revenues falling by $25m, leaving overall revenues at $1.25bn – down from $1.37bn in the same quarter in 2011.

Although operating profit had risen to $23m – compared to a loss of $92m last year – Avaya still showed a net loss of $166m.

Speculation of when the $1bn IPO is likely to occur continues, with no confirmation from the communications company.

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