Inrange Names New Chief
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.