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Avici Sets Management Changes, Shares Fall Sharply

Author:

Shares of

Avici Systems

(AVCI)

plummeted in the wake of the company's management changes announced this morning.

The company lately lost $4.63, or 18.8%, to $19.94 in trading on the

Nasdaq

. The shares have a 52-week low of $16.25 and a high for the year of $174.50.

The North Billerica, Mass., company, which develops high-speed networking technology, named Chief Executive Surya Panditi to the position of co-chairman. Steve Kaufman, Avici's chief operating officer, will become president. Both moves were effective Jan. 1. Panditi previously served as the company's president.

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Panditi was vice president and general manager at

US Robotics

prior to joining Avici in June 1997. Kaufman, who joined Avici last July, was previously president of

Lucent's

(LU)

multiservice core networks division. He held a variety of management roles at

Intel

(INTC) - Get Intel Corporation (INTC) Report

before joining Lucent.