Violin Memory, which offers persistent memory-based storage, fired CEO Don Basile and named its Chairman, Howard A. Bain III, as interim CEO. A search is underway for a permanent replacement.
The change comes three months after the company raised $162 million in an IPO in September. Since then, the price of shares has declined significantly.
David Walrod, Chairman of the Nominating and Corporate Governance Committee of the Board of Directors, said, “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. 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.”
