This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Brocade Hires Silicon Valley insider as CEO

NEW YORK (TheStreet) -- Brocade (BRCD) ended its five-month search for a CEO, appointing industry veteran Lloyd Carney.

A 30-year tech veteran, Carney served most recently as the CEO of privately held virtualization specialist Xsigo, overseeing its sale to Oracle (ORCL) for an undisclosed fee last year. Carney was also the CEO of network-management specialist Micromuse when it was sold to IBM (IBM) for $865 million in 2005.

A Silicon Valley insider, Carney has also served as COO at Juniper Networks (JNPR) and as president of Nortel Networks during his career.

"After a thorough and robust search process, the board believes that Mr. Carney is the ideal leader to take Brocade to the next level," Chairman David House said in a statement. "Mr. Carney has a relentless passion for driving innovation and operational excellence. These characteristics, combined with his track record of execution including delivering growth and increasing shareholder value, make him an outstanding choice to lead Brocade into its next phase."

Carney succeeds Michael Klayko, who served as the company's CEO from 2005. Brocade announced Klayko's resignation in August, but he continued to serve as CEO during the search for his replacement.

Brocade did not give a reason for Klayko's departure, although there has been speculation that it may have been driven by the board's desire to facilitate the company's sale.

Shares of Brocade, which has been touted as a top buyout prospect for 2013, dipped 0.5% to $5.56 in extended trading on Monday.

"Carney's two previous companies were eventually acquired," wrote ISI Group analyst Brian Marshall, in a note released on Monday. "We would not be surprised if Brocade's board took this into consideration, but believe a strategic buyer will be difficult to attract given secular/competitive challenges in Brocade's core storage and Ethernet businesses."

-- Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs