Meru Networks, a provider of virtualized 802.11
enterprise wireless networking, announced that president and chief executive
officer Ihab Abu-Hakima will transition out of the company during the next six
months.
“I feel I have achieved my personal and corporate
goals, and given the strong momentum at Meru, now is the right time to
transition to a new CEO to drive the company to the next level,” said Ihab
Abu-Hakima, president and CEO of Meru Networks.
“I am leaving Meru at a time when I believe our
long-term business outlook has never been stronger,” added Hakima.
Abu-Hakima will work closely with the company’s Board of
Directors to identify a successor specifically suited to lead the company into
its next phase of growth.
Meru also disclosed that based on
preliminary financial information, Meru expects to report third quarter
revenues above analysts’ consensus estimates. Following record revenues of the
second quarter, Meru expects to report record third quarter revenues in the
range of $23.2 to $23.7 million compared to prior guidance of $22 to $24
million.
The company expects product and services revenues growth
(excluding ratable revenues) to be 18 to 20percent, compared to the third
quarter of fiscal 2010. Non-GAAP gross margins, which exclude the impact of
stock based compensation expenses, are expected to be in the range of 63.0
percent and 63.5 percent, within the guided range of 63 percent to 64 percent.
Recently, Meru Networks announced the addition
of three marketing executives to the senior leadership team.
They include Bob Schiff, vice president of market
development, Margie Kriebel, senior director of corporate marketing and
communications and Patrick Crane, director of market research and business
intelligence.
By Telecomlead.com Team
editor@telecomlead.com
