Violin Memory has ousted its chief executive in an attempt to turn around the company's fortunes and return to profitable growth.
Donald Basile has had his contract terminated by the board and will be replaced by chairman Howard Bain while it looks for a long-term successor.
The vendor has had a difficult year – its entrance to the stock market in September had a somewhat shaky start after shares traded for much less than it had hoped, and its recent third-quarter results saw its GAAP net loss widen from $25.4m a year ago to $34.1m (£20.9m).
When Violin first floated on the New York Stock Exchange, its 18 million shares were priced at $9, but today they are trading at about $3.29 each.
Violin said its decision to get rid of Basile was essential to secure future profit.
"The board believes this leadership change is necessary to enhance the management team's operational focus and ability to execute the company's plans for profitable growth," it said.
Interim chief executive Bain has served as chairman only since August this year but has been a member of the board since last October. Violin said his 40 years of experience at several other public firms such as Symantec and Portal Software as well as his time at Violin hold him in good stead for the role, and Bain agreed.
"Having served as chairman of the board, I am well aware of the many opportunities ahead and look forward to engaging with the company's customers, team members and shareholders in the coming weeks," he 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."
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