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Covad Communications

(COVD)

CEO Robert Knowling has resigned, the company said Wednesday.

In a statement, the company said its board of directors determined that new executive leadership was in its "best interest." Knowling also held the titles chairman and president.

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Earlier this month, the company reported a wider-than-expected third-quarter loss.

Frank Marshall was named interim chief executive while the board searches for a permanent replacement. Charles McMinn, one of the company's founders and who was previously CEO and chairman, replaced Knowling as chairman.