Skip to main content

CacheFlow

undefined

said Wednesday that it named David W. Hanna to the post of chairman, succeeding founder Michael A. Malcolm, who resigned in November to focus on starting a new Internet-infrastructure firm.

The maker of Internet caching appliances said Hanna has been a member of the company's board since 1996. He serves as the current chairman of

Hanna Capital Management

Scroll to Continue

TheStreet Recommends

, an investment management firm.

Shares of CacheFlow fell 9 cents, or 1.2%, to $7.56 in recent

Nasdaq

trading.

Earlier this month, the Sunnyvale, Calif., company posted a

wider-than-expected loss for the third quarter. The company missed the consensus estimate, posting a loss of 49 cents in the quarter. The company lost 24 cents in the year-ago period. CacheFlow also said it would cut its workforce by 10% to 15% and added that Michael Johnson would step down as financial chief.