Former Geyser CEO Finds New Home
Geyser, like some other notable optical networking companies, went through the CEO shuffle and reshuffle this summer (see CEO Bloodbath Points to Pressure). Savage was brought in as an early-stage CEO in April 2000. Then in August he was demoted to VP of business development when the company went through its second round of funding (see Geyser Spouts Off ). With Savage out, optical Godfather Wu Fu Chen, the startup's founder, was back in charge.
“We were about to close a second round of funding, and the reasoning was that it would get done a lot more quickly with Wu Fu’s name out in front,” says Kent Novak, VP of marketing for Geyser. “Joe only had a temporary 9- to 12-month contract. He knew he wasn’t going to be the permanent CEO, so when this opportunity came along, he took it.”
Geyser is still searching for a permanent CEO, but in the meantime Wu Fu Chen is at the helm.
Yesterday, Savage’s new company announced an $18 million first-round of equity funding led by Adam Smith Investment Partners, KLM Capital Group, Intel Capital, and Ridgewood Capital.
-- Marguerite Reardon, senior editor, Light Reading, http://www.lightreading.com