Brocade Names New CEO

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On Monday, Brocade Communications (NASDAQ: BRCD  ) announced it has appointed Lloyd Carney, the former CEO of both Xsigo Systems and Micromuse, as its own new chief executive. In a statement, Brocade cited Carney's record "of execution including delivering growth and increasing shareholder value" at his previous companies as key factors recommending him for the new job.

Carney succeeds current CEO Michael Klayko, who has been Brocade's boss since 2005.

Carney joins Brocade at a propitious moment, arriving just days after the company won court confirmation of a $60 million jury award against rival A10 Networks in a patent and copyright case, and ahead of a potential further $50 million award if the court decides to compensate Brocade for A10's patent infringement.

Shares of Brocade closed at $5.59, up 0.5%, ahead of the announcement.

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Related Tickers

9/27/2016 4:00 PM
BRCD $9.17 Up +0.03 +0.33%
Brocade Communicat… CAPS Rating: ****