by Christopher Freeburn | May 8, 2013 11:23 am
Shares of computer memory producer Fusion-io (NYSE:FIO) plunged more than 26% in Wednesday morning trading after the company announced that two senior executives had abruptly left the firm.
Fusion-io said that CEO David Flynn and Chief Marketing Office Rick White had departed the company to launch a new business. Flynn and White were Fusion-io’s co-founders. Shane Robinson, a member of the company’s board of directors, has been tapped as its new CEO, Reuters noted.
A JPMorgan Chase (NYSE:JPM) analyst noted that Flynn was “well regarded” in the technology industry and cautioned that his departure was not a “good sign.”
Robinson previous served as chief strategy and technology officer at Hewlett-Packard (NYSE:HPQ) and participated in HP’s disastrous acquisitions of Autonomy.
Flynn led the company’s initial public offering in 2011.
Last year, Fusion-io teamed with Cisco Systems (NASDAQ:CSCO) to provide flash memory technology for use in Cisco servers.
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