Jan 8, 2003 : StorageNetworks Announces Major Changes

📅 January 8, 2003 - Storage management software and services provider StorageNetworks Inc. (storagenetworks.com) announced on Wednesday that it has appointed Paul Flanagan as its chief executive officer and president, at the same time announcing that it would reduce its workforce by approximately 50 percent.

Flanagan replaces StorageNetworks co-founder Peter Bell, who is stepping down from his position to pursue other business and personal interests. Bell, says StorageNetworks, will continue to serve as chairman of the company's board of directors, which Flanagan has also joined.
"After four years, I feel that it is time for me to step back from the day-to-day management of StorageNetworks," says Bell. "As co-founder of the company, this is a particularly difficult decision for me personally. However, having someone as qualified and as committed as Paul take over as CEO and president certainly makes this decision easier."
Flanagan has served as the company's chief financial officer since March of 1999, and as its chief operating officer since April of 2002. Scott Dussault, StorageNetworks' vice president of finance has been appointed chief financial officer.
The elimination of approximately 50 percent of the company's workforce will bring the total number of employees to approximately 110.
"Because of the current economic climate and the immaturity of the storage resource management software market," says Flanagan, "we have decided to focus our energies on the excellent opportunity we have to work with our partner EDS in further enhancing our storage management software products."