CacheFlow Down 4.5% After Naming Chairman

CacheFlow

(CFLO)

was down 4.5% in midafternoon after touching a 52-week low of $6.63. The company, whose technology speeds Web site performance, named David Hanna chairman, succeeding founder Michael Malcolm, who resigned in November to join an Internet infrastructure start-up.

Hanna, a member of CacheFlow's board since 1996, is chairman of

Hanna Capital Management

, an investment management firm.