Redback Closer to a New CEO
Kaufman Bros. LP analyst Clifton Gray wrote today that he believes Redback "has narrowed its CEO search down to a primary candidate and is in the process of negotiating when this individual is able to start working. We expect to hear an announcement within the next two weeks."
Gray says his information came from recent conversations with Redback executives and a source outside the company. His report reiterated an "accumulate" rating on the stock, which is Kaufman's third highest out of five possible ratings.
Redback declined to comment for this story.
A few weeks ago, the lead candidate in Redback's search appeared to be Cisco Systems Inc.'s (Nasdaq: CSCO) service provider boss, Kevin Kennedy. Kennedy is no longer on the short list, and his fallout with Cisco CEO John Chambers was "overstated," according to a source familiar with both companies (see Cisco's Kennedy Ready to Leave?).
The search for a new chief executive has taken Redback longer than even it expected. Redback Chairman Pierre Lamond said during the company's earnings call last month that an announcement concerning the CEO would be coming in the next few weeks.
- Phil Harvey, Senior Editor, Light Reading