Please ensure Javascript is enabled for purposes of website accessibility

Riverbed Names New CTO

By Rich Smith - Apr 23, 2013 at 10:19PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Ten-year company veteran David Wu tries to fill Steve McCanne's shoes.

Filling a position that's been vacant since Steve McCanne announced his departure back in February, computer networking company Riverbed Technology (RVBD.DL) 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.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Riverbed Technology, Inc. Stock Quote
Riverbed Technology, Inc.
RVBD.DL

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
331%
 
S&P 500 Returns
115%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/21/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.