Brocade in bigwig bow-out brouhaha
Bye bye head finance guy
Is something up at Brocade? The cloud and storage networking supplier has suddenly lost CFO Richard Deranleau, who has resigned to "pursue other interests".
He follows another senior exec out of the door, VP for corporate development TJ Grewal.
There is no turmoil going on at Brocade, no public tensions over finance or corporate development. The company has posted good results recently and it is not a known acquisition target, although there has been speculation that it was going to be bought, but that is often the case with Brocade.
Still, Grewal's departure from a corporate development role could lend weight to such speculation. Stifel Nicolaus analyst Aaron Rakers thinks Deranleau's ship-jump is a concern "given Brocade’s improving performance over the past few quarters" and following on from Grewal's departure.
In other words, there is no obvious reason for Deranleau to leave. He doesn't appear to be going to another job, and it's possible there could have been some strong disagreement about Brocade's strategy and finances that precipitated his exit.
Brocade CEO Michael Klayko thanked Deranleau for his eight years of service, and promoted Dan Fairfax to CFO from his VP business operations position. ®