Extreme Chief Stitt to Quit

He'll stick around until a replacement is found.
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Gordon Stitt, CEO and co-founder of

Extreme

(EXTR) - Get Report

, says he is stepping down.

Stitt has been with the networking gearmaker for 10 years and says he will stay on until a replacement is found. Stitt will take the chairman slot when his CEO duties are done.

"He has guided the company from inception, through incredible growth, built a tremendous base of world-class customers and led with grace through some great challenges," says Mike West, Extreme's current chairman.

Extreme, like many Internet-equipment suppliers, rode high during the boom era and then struggled after the bust. The Santa Clara, Calif., tech shop has foundered as demand for new gear has grown slack.

Extreme shares fell a nickel to $4.50 Friday and remained unchanged in the after-hours session.