Riverbed Names New CTO

Filling a position that's been vacant since Steve McCanne announced his departure back in February, computer networking company Riverbed Technology (NASDAQ: RVBD  ) announced Tuesday that it has decided to promote 10-year company veteran David Wu as chief technology officer.

When Riverbed announced the departure of McCanne -- not only the CTO, but also a company co-founder -- two months ago, that news plus the revelation of weak earnings helped to spark a one-day, 19% sell-off in the stock. Now, the company's hoping to help repair the damage by promoting an executive it says "was involved in the initial architecture of the award-winning Steelhead® wide area network (WAN) optimization appliance." (So almost the same thing as a co-founder.)

In a statement announcing the promotion,CEO Jerry Kennelly praised Wu for helping to grow Riverbed "from one product line to many," and promised that "as CTO, David will focus on technology innovation that will address the challenges of the new generation of IT."

For their part, investors reacted positively to news that someone's back in charge of developing innovative products at the company. Riverbed shares rose 1.1% in Tuesday trading to close at $14.30.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2381980, ~/Articles/ArticleHandler.aspx, 7/31/2014 1:27:53 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.


Advertisement