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Terayon (TERN) shook up its executive ranks as the company posted mixed financial results late Monday.

The Santa Clara, Calif., cable technology supplier named Jerry Chase CEO, replacing Zaki Rakib, who moves to the chairman slot. Rakib said in May that he wanted to spend more time with his family.

CFO Art Taylor also resigned to take a finance job at a different company. Ed Lopez, the company's chief lawyer, will serve as acting CFO until a replacement is named.

The company also met second-quarter expectations but set a lower sales target for the third quarter.

For the quarter ended June 30, Terayon posted a loss of $4.9 million, or 6 cents a share. That compares to a loss of $13 million, or 18 cents a share, for the year-ago quarter. Sales were $43 million, up from $31 million in the year-earlier period.

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Excluding certain costs, the latest-quarter loss was $1.3 million, or 2 cents per share.

Analysts were looking for a 4-cent-a-share operating loss on sales of $44 million, according to Thomson First Call.

Looking ahead, the company expects to report a third-quarter loss of 3 cents a share on revenue of $38 million. Analysts were looking for a penny-a-share loss on $47 million in sales.

Chase was previously the CEO of Thales Broadcast & Multimedia, a unit of Thales Group. "I am proud to be joining a company so rich in technology and industry-leading products," Chase said in a press release Monday.

Terayon shares, after ending the regular session up 3% at $1.85, lost those gains and were trading at $1.79 in the postclose session.