Peters Out at Mahi
Greg Peters, CEO of Mahi Networks Inc., resigned on November 15, and his post is being filled, in the interim, by Chris Rust, the Mahi director who is a partner at Sequoia Capital.
"We're currently in an active search for a permanent CEO," says Ron Longo, Mahi's vice president of marketing, sales, and services. "That's the only management change that we have at this point." Prior to joining Mahi in 1999, Peters served as Advanced Fibre Communications Inc.'s (Nasdaq: AFCI) vice president of international operations.
Peters did not respond to a voice mail message left on Tuesday.
Mahi's product, the Mi7, is a metropolitan optical transport and routing box meant to replace several pieces of gear in a service provider's network by combining legacy transport like Sonet and TDM, optical transport like WDM, IP routing, switching, and MPLS functionality into one platform (see Mahi Secrets Surface and Scattered Signals for Tunable Lasers).
The company was founded in 1999, and its backers include Sequoia, Benchmark Capital, Goldman Sachs & Co., Anschutz Investments, Williams Communications Group (NYSE: WCG), WorldCom Inc. (Nasdaq: WCOM), GE Equity, Comdisco Inc. (NYSE: CDO), Van Wagoner Capital, Berkeley International Capital, and Mitsui Corp.
Mahi shrank to 225 employees after cutting 100 jobs just a few months ago. In the spring of 2000, it raised a $64.4 million second round of funding, bringing its total funding to date to about $71 million.
Mahi is current raising a third round of funding but would not comment on how far along it was in that process.
The company's other senior staff includes Colm O'Brien, Mahi's co-founder and director of product management; Abe Shocket, senior optics product manager; Mark Thomas, director of optical networking; and John Spencer, regional director of product marketing engineering. Its board members include Sequoia's Rust and Benchmark's Andy Rachleff.
- Phil Harvey, Senior Editor, Light Reading