Based in Cottonwood Heights, Utah, Fusion-io is a computer hardware and software company that focuses on NAND Flash memory technology. The founders David Flynn (CEO) and Rick White (CMO) have announced today that they are departing to start a new venture. The company’s stock price dropped over 18% by the close of the market due to the management shake-up.
Effectively immediately, Flynn will be replaced by Director Shane Robison. Flynn has been CEO of the Fusion-io over the past two years and took the company public in June 2011. The stock price of the company hit at high as $41 in November 2011. Some of Fusion-io’s largest customers include Facebook and Apple.
Before starting Fusion-io, Flynn was the chief architect and software engineer at Linux NetworX, which was acquired by Silicon Graphics Inc. for $90 million in February 2008. Flynn also set up the R&D satellite office for Oracle Corporation in Utah. Robison was previously the chief strategy and technology office at HP before departing in 2011.
Fusion-io gained attention when they hired Apple co-founder Steve Wozniak as their chief scientist in February 2009. Flynn and White will remain on the board and serve in advisory roles for 12 months.
Fusion-io has partnerships with Hewlett-Packard, Dell, Cisco, and IBM over the use of their server-centric architecture called ioMemory.
Investors are concerned about Robison’s role at the company because he guided HP’s 2011 acquisition of Autonomy Corporation. HP has since written down $8.8 billion and is in the midst of a major accounting review regarding the acquisition. HP is also facing a $1 billion lawsuit due to the acquisition.