This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Fusion-IO Rocked as CEO, Co-Founder Depart

Stocks in this article: FIO AAPL FB

NEW YORK ( TheStreet) -- Fusion-IO (FIO) shares were higher in pre-market trading by 1.16% to $14.77, following news that David Flynn resigned as CEO and president, effectively immediately. The company also announced that co-founder, Rick White, has resigned as chief marketing officer to join Flynn in early stage investing activities.

The announcement came as a huge surprise to Wall Street, which sent shares sharply lower following the news. Shares closed at $18 on May 7, and fell to $14.60 at the end of trading on May 8, a decline of 18.9%.

Shane Robison is taking over for Flynn, having been most recently the executive vice president and chief strategy and technology officer at HP (HPQ). "Shane Robison is a proven executive with the experience and expertise to lead Fusion-io as we enter our next phase of growth and development," said Scott Sandell, lead independent director of Fusion-IO's board.

The company announced this morning that Robison will participate in the Tech Talk with Technology Insights Research webcast today.


Fusion-IO, which counts Apple (AAPL - Get Report) and Facebook (FB - Get Report) as two of its largest customers, reaffirmed the financial outlook the company gave when it reported earnings April 24th. For the fourth-quarter of fiscal 2013, the flash memory maker expects revenue to be approximately $110 million, with non-GAAP gross margins between 56 and 58%. For the full year, revenue is expected to be approximately $435 million.

-- Written by Chris Ciaccia in New York

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

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