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Extreme Networks, Inc. (EXTR) has completed a reorganization to streamline its operations and reduce recurring costs. As part of this restructuring, Extreme has reduced its workforce by approximately 70 employees or almost 9 percent of its worldwide workforce. The reductions have been completed and the Company anticipates it has lowered its operating expenses approximately $2.5 million per quarter. The effect is to reduce breakeven to under $70 million of revenue per quarter. The Company expects to take a one-time charge of approximately $4.2 million in its second fiscal quarter that will include a one-time cash severance charge.
The Company also announced that Mr. Bob L. Corey has been appointed as Acting CEO and that the Company has initiated a search for a permanent CEO. Mark Canepa, Extreme Networks CEO, has resigned as CEO and as a director to pursue other opportunities. He will remain with the Company for a limited period of time to assist in the transition.
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