Extreme Networks lays off 70; CEO Mark Canepa moves on

Citing a need to streamline operations and reduce its break-even point in an effort to "create an operating model that will position Extreme Networks for sustained profitability as quickly as possible," network solutions provider Extreme Networks has cut its workforce nearly 10 percent, laying off 70 employees.

Extreme also said Bob Corey, the company's CFO, would take over as acting CEO after Mark Canepa resigned his post and left the company to pursue other opportunities."

"Mark has managed the Company through a difficult and challenging time for our industry. During his tenure, he implemented significant changes that have improved many aspects of our operations," said Board Chairman Gordon Stitt. "We greatly appreciate his service to Extreme Networks."

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