Internap Gets New Leadership
Internap Network Services Corp. (Nasdaq: INAP) named a new CEO yesterday, but analysts say the new chief executive will face plenty of challenges in trying to turn the company around.
Internap announced yesterday that Eric Cooney, former president and CEO of Tandberg Television , will take over as president and CEO of Internap on March 16. Cooney will also join the Internap board. Cooney will replace Jim DeBlasio, who has led Internap since 2005.
Cooney comes to the company at a precarious time, as Internap has seen its stock price plummet ever since its $217 million acquisition of content delivery network (CDN) Vitalstream closed in early 2007. On the date of the acquisition's close, on Feb.20, 2007, the company's stock price was $18.90. Since then, Internap's stock has fallen to below $3.00, hovering at around $2.65 today.
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— Ryan Lawler, Contentinople