CacheFlow Names New Chairman

CacheFlow(CFLO Quote - Cramer on CFLO - Stock Picks) said Wednesday that it named David W. Hanna to the post of chairman, succeeding founder Michael A. Malcolm, who resigned in November to focus on starting a new Internet-infrastructure firm.

The maker of Internet caching appliances said Hanna has been a member of the company's board since 1996. He serves as the current chairman of Hanna Capital Management, an investment management firm.

Shares of CacheFlow fell 9 cents, or 1.2%, to $7.56 in recent Nasdaq trading.

Earlier this month, the Sunnyvale, Calif., company posted a wider-than-expected loss for the third quarter. The company missed the consensus estimate, posting a loss of 49 cents in the quarter. The company lost 24 cents in the year-ago period. CacheFlow also said it would cut its workforce by 10% to 15% and added that Michael Johnson would step down as financial chief.