Computer memory solution developer Violin Memory (VMEM) announced that Kevin A. DeNuccio has become its new president and CEO. Investors were less than pleased with the news, sending VMEM down almost 5% in Monday morning trading.
DeNuccio had previously managed angel investment and technology consulting firm Wild West Capital since co-founding the firm in 2012. He replaces interim VMEM CEO Howard A. Bain III, effective immediately.
In December, VMEM ousted its former CEO after VEM stock sank 70% and the company posted significant quarterly losses.
VMEM said that DeNuccio has also been elected to the VMEM board. From 2010 to 2012, DeNuccio was CEO at U.K.-based telecom software developer Metaswitch Networks.
DeNuccio also led the turnaround of Redback Networks, which was ultimately sold to Ericsson (ERIC) for $2.1 billion, as Redback’s CEO.
VMEM was founded in 2005 and went public in September. VMEM stock has tumbled more than 45% since its debut last year due to poor results.