Ikanos Communications announced the resignation of its chairman and chief executive officer, Rajesh Vashist, effective immediately. No reason was given. Daniel K Atler, the Company’s chief financial officer, will assume the role of interim CEO while a search is conducted for Mr. Vashist’s replacement. In addition, G. Venkatesh has been named as executive chairman of the Ikanos Board of Directors. Mr. Cory Sindelar, currently vice president of finance, will assume the role of interim chief financial officer during this period.
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- Earlier this month, Ikanos Communications cut its revenue expectation for Q3 and outlook for Q4 citing product delays and weakness in its markets. Ikanos now expects Q3 revenue approximately $36 to $37 million, compared to previously issued guidance of between $40 to $43 million.