Limelight Looking For New CEO

Remember Limelight Networks, the content delivery network, which recently raised $130 million, and has made headlines for being the infrastructure provider to hot Web 2.0 start-ups such as You Tube? Well the company is looking for a new chief executive, according to some documents. The company has hired James & Co, a head hunting firm to find a new CEO to replace Bill Rinehart.

If the company has any ambitions to go public, and this search indicates that it does, it needs to replace Rinehart, who has had issues with the Securities & Exchange Commission in the past, when working for CriticalPath, a dot bomb. He was barred from holding an office in a publicly traded company for five years and had to pay a substantial fine. (Jeffrey Citron of Vonage had to bring in a new CEO Michael Snyder for similar (not identical) reasons.)

The company has been in a bit of a pickle, it has been sued by Akamai, as we reported previously. We have an update here as well. Akamai is asking for Temporary injunction and permanent post jury trial with exceptional consideration for damages. The trial is likely to occur in Boston, which is Akami’s backyard. We will keep you posted.