Brocade Communications Systems announced that its chief financial officer, Tony Canova, has resigned, effective Dec. 15.
Brocade did not give a reason for Canova's departure in a press release on its Web site. A spokeswoman said she could not say anything more about the resignation. "We're not commenting any further on the nature of Tony's departure," the spokeswoman said. "We feel very comfortable that we have a strong management team going forward."
Canova's departure follows the resignation of Brocade CEO Greg Reyes in January after the company was forced to restate several of its financial earnings statements last year. The company came under a formal investigation for accounting practices regarding stock options in June by the U.S. Securities and Exchange Commission.
Revenue for the storage switch maker have been on a steady downturn. In the second quarter of this year, revenue declined 10 percent, followed by a 16 percent decline in the third quarter and a 6 percent drop in the fourth quarter.
Brocade said Richard Deranleau, its corporate controller and treasurer, has assumed the role of interim chief financial officer while the company searches for Canova's replacement. Brocade said Canova will remain an employee of the company while Deranleau gets up to speed on the job.
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