Inrange Technologies Corp. lost President and CEO Sherrie Woodring today and promoted Kenneth Koch, the switch makers vice president and lawyer, to the top job, officials said.
Woodring resigned for "personal reasons," according to a statement from the Lumberton, N.J., subsidiary of Charlotte, N.C., firm SPX Corp.
Officials today would not comment further on the change.
Inranges main product, the FC/9000, is the storage industrys only 256-port switch, competing against 128-port products from Brocade Communications Systems Inc. and McData Corp., both of which are much larger companies in revenue and customers.
Sales of the 256-port switch have suffered from various claims of proprietary workings. Inrange has not announced any customers of its newest versions, and the company itself has suffered from general economy issues: its stock price has sunk from a $53 opening in Sept. 2000 to about $3 today.
Inranges second-quarter results, announced earlier this week, were $52.8 million in revenue, compared to $61.9 million in the first quarter. Inrange lost $9.1 million this quarter.
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