Violin Memory has named Kevin DeNuccio as CEO
Violin Memory has named Kevin DeNuccio as CEO after looking for a replacement over the last seven weeks. They were looking for a replacement for Donald Basile, who was fired in the middle of December. Violin Memory fired him after their stock priced dropped after going public in September and announcing poor quarterly results.
Howard A. Bain III was named as the interim CEO after Basile was let go. Bain will remain as chairman. DeNuccio will also join the Violin board of directors. DeNuccio used to be CEO of MetaSwitch Networks from February 2010 to June 2012. He left that company to launch an angel investment company called Wild West Capital.
Violin Memory is now trading at under $4 per share, which is down from their $9 IPO price. The company will soon file their Q4 and full year results. The company reported a net loss of $34.1 million on revenues of $28.3 million ending October 31st. This can be compared to a net loss of $25.4 million on revenues of $20.6 million a year earlier.