After CTO and CEO, Violin sacks COO.
Violin Memory, which sacked its CEO on December 16th after sacking its CTO the previous week, sacked its COO, Dixon Doll, yesterday.
Violin, which does flash-based enterprise storage promoting the ‘all-silicon data centre”, is in a state of chaos, IPO’d last September at $9 a share. The shares are currently selling for $3.90.
There are seven shareholder lawsuits filed against the company for allegedly not revealing the full facts about the company’s situation ahead of the IPO.
In November Violin Memory reported a loss of $34 million on revenues of $28 million. The sacked CEO was on-track to receive 2013 total pay and stock compensation of $19 million.
Activist shareholder Clinton Group is said to be pushing the company to sell itself.
Violin has cash of $134 million and credit lines of $58 million.