ShoreTel CEO Retiring

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Sunnyvale, Calif.-based ShoreTel (NASDAQ: SHOR  ) needs a new Chief Executive Officer.

On Friday, the self-proclaimed "leading provider of brilliantly simple unified communications platforms" announced that President and CEO Peter Blackmore intends to retire just as soon as a replacement can be found.

Blackmore, who took over as ShoreTel's CEO in 2010, previously served as CEO of UTStarcom. In his time with ShoreTel, he has helped the company to nearly double its annual revenue -- albeit he's been unable to keep the company's losses from more than doubling in the process. Over the past 12 months, ShoreTel reported losses of $28.4 million, up from $12.8 million in the year that Blackmore took over leadership of the company.

The company says it is now searching for a replacement. ShoreTel shares dropped 0.2% in Friday trading, closing at $4.19.

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Related Tickers

8/31/2016 4:00 PM
SHOR $8.02 Up +0.01 +0.12%
ShoreTel CAPS Rating: ****