Avocent Sets Buyback

Embedded software and solutions chief Mark Lee departs.
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Avocent

(AVCT)

, a maker of analog and digital switching systems, set plans to buy back up to 3 million additional shares.

The shares repurchased under this program will be used to offset a portion of the shares to be issued in connection with the recently announced acquisition of LANDesk, the Huntsville, Ala.-based company said.

Under a previous buyback program the company had purchased about 3.8 million shares.

In a separate press release, the company announced that it will realign its embedded software and solutions division to report to Tom Miller, Avocent's senior vice president of global OEM markets, effective from June 1.Embedded software and solutions chief Mark Lee departs.

Shares rose 76 cents to $22.85.

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