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Just a few weeks after its CTO left and its CEO was fired, flash storage pioneer Violin Memory is out another top executive: Chief Operating Officer Dixon Doll, Jr. A press release announcing the departure says Doll left “to pursue other personal and professional opportunities.”
Violin has had a rough few months. The company’s initial public offering underperformed in September, and its stock dropped even further upon revelations that Violin had misrepresented certain costs and sales prospects in its S-1 filing leading up to the IPO. Those actions led to the instigation of several potential class-action lawsuits and the termination of CEO Don Basile on Dec. 16. Chairman of the Board Howard Bain III is currently the interim CEO as Violin seeks a permanent replacement.
Violin CTO Jonathan Goldrick resigned shortly before Basile’s termination.
Whether the executive changes result in a meaningful turnaround for the company — which sells very high-performance, very expensive flash storage arrays — they have been good for its stock price. As of 8 a.m. Pacific Time on Thursday, shares were trading at $3.85 — up 30 percent since Basile was let go and up more than 50 percent from their low of $2.50 a few days before that.
Don’t consider Violin’s troubles as an indication of investor apathy toward flash storage vendors, though. Nimble Storage, which went public in early December, has seen its share price rise more than 20 percent.