Violin Memory’s Operating Chief Departs After Post-IPO Drop

Jan 02, 2014 4:30 pm ET

(Updates share price in last paragraph.)

Jan. 2 (Bloomberg) -- Violin Memory Inc. Chief Operating Officer Dixon R. Doll Jr. plans to leave the maker of flash- memory storage, following the departure of Chief Executive Officer Don Basile last month.

Doll, who is also leaving the board, will step down today to pursue “other personal and professional opportunities,” Santa Clara, California-based Violin Memory said in a statement.

The company -- reeling from the loss of its biggest reseller, Hewlett-Packard Co. -- has seen its shares tumble 56 percent since their initial public offering in September. Violin Memory fired Basile last month and appointed board Chairman Howard A. Bain III as interim CEO. Activist shareholder Clinton Group Inc. has pushed the company to find an acquirer, rather than trying to recruit a new CEO.

Last month, the company said it “remains on track to launch additional, major product offerings in early 2014.” Violin Memory said it had $134 million in cash and investments plus $58 million in credit lines as of the end of October, and expects to be profitable in 2015.

The stock fell 1 percent to $3.92 today in New York.

--Editors: Nick Turner, Crayton Harrison