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On Tuesday, Limelight Networks (NASDAQ: LLNW ) announced that it has confirmed interim CEO Robert Lento as its permanent CEO, effective immediately. Simultaneously, the company said former CEO Jeff Lunsford will step down from his post as chairman of the Board of Directors, while Lento takes a place on the board.
Lento has served as interim CEO of Limelight since Nov. 26, during which time the company's shares rallied nearly 38% to hit a recent high near $2.30. The shares dipped a bit today, down 0.9%. Before Lento's appointment, however, Limelight lost nearly 80% of its market cap, falling from a February 2011 high of more than $8 to a low of $1.67 when Lento's appointment as interim CEO was announced.