Networking firm Emulex has announced a surprise change in its leadership.
Current CEO James McCluney is stepping down with immediate effect after seven years in the role. Instead, he is to take up the position of executive vice-chairman of the board.
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The current chief operating officer Jeffrey Benck – who has been at Emulex since 2008 – will replace him as head of the firm.
Paul Folino is forgoing the chairman position, but will remain as a director on the Emulex board.
McCluney said: “I will be actively involved in the business as the executive chairman of the board, working closely with Jeff and the management team to drive shareholder value while focusing on our long-term strategic plan.”
New CEO Benck added: “Emulex is well-positioned to execute on our strategic vision and continue delivering value to our shareholders. I am grateful for the opportunity to lead this great company and I am excited about our market opportunities.”
The announcement was made alongside preliminary results for the company’s fourth quarter, which ended on 30 June but has yet to be reported.
Emulex claimed it was still on track for net revenues of between $119m and $120m – as it predicted in May – but its acquisition of Endace still needed to be included in its calculations before the final results were announced.