The CEO of memory-based storage vendor, Violin Memory, Donald Basile, has been terminated and its chairman, Howard Bain, has stepped in as interim CEO.
The search for a permanent CEO replacement has begun.
Chairman of the Nominating and Corporate Governance Committee of the board of directors, David Walrod, said the leadership change was necessary to enhance the management team’s operational focus and ability to execute its plans for profitable growth.
“We are, however, fortunate to have someone with Howard’s extensive operational, financial and leadership experience ready to assume the role of interim CEO at this important juncture for the company,” Walrod said.
“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.”
Bain has been Violin’s chairman since August and as a member of the board since October 2012. He has more than 40 years of operational, financial and leadership expertise, having served as CFO at several public companies, including Portal Software, Vicinity, Informix and Symantec.
At the opening day, shares were priced at $US9, but closed at $US7.11. At the time of publication, it was trading at just $US3.36.
The company managed to raise more than $US160 million in an IPO on New York Stock Exchange, which it plans to use to expand its global sales and marketing capabilities.