Avaya ( AV) posted sales growth, but missed its latest quarter profit target by a penny.The company also named a new chief. Lou D'Ambrosio has been selected to replace Don Peterson as chief executive. Peterson will serve as chairman until Sept. 30. D'Ambrosio was previously Avaya's sales chief. The Basking Ridge, N.J., office telephone gearmaker made $44 million, or 10 cents a share, on $1.3 billion in revenue during its fiscal third quarter. Adjusting for one-time events, Avaya's pro forma profit was 11 cents. Those numbers compare with an adjusted profit of 12 cents a share on sales of $1.24 billion in the year-ago period. Analysts had been looking for pro forma profit of 12 cents on $1.26 billion, according to a Reuters Research tally. "While we are encouraged by these positive trends, higher costs and expenses during the quarter affected operating results. We remain focused on improving our cost and expense profile across geographies and businesses, particularly in Europe," CFO Garry McGuire said. Avaya shares fell 74 cents to $9.80 in postclose trading Monday.