NEW YORK (TheStreet) -- Shares of Juniper Networks (JNPR) are slightly down in pre-market trade at $21.49 after it was reported that CEO Shaygan Kheradpir stepped down after less than a year on the job, following a board review of his conduct related to a customer negotiation, according to Bloomberg.
The networking-gear maker said Kheradpir, 53, who became CEO in January, was resigning over the customer situation. Board members and Kheradpir have "different perspectives regarding these matters," the Sunnyvale, CA-based company said in a statement yesterday. Juniper didn't identify the customer.
Rami Rahim, 43, an executive VP who has been at Juniper for 17 years, was named CEO to replace Kheradpir.
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Juniper has faced several challenges this year, including executive shifts and activist pressure amid slowing revenue growth. Kheradpir replaced Kevin Johnson in January and that same month, Juniper was targeted by activist hedge fund Elliott Management Corp. In February, the company bowed to Elliott's pressure for cost cuts and share buybacks, unveiling plans to return at least $3 billion to shareholders and to reduce $160 million in expenses, Bloomberg reports.
TheStreet Ratings team rates JUNIPER NETWORKS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: