On July 14, 2009, Internap Network Services Corporation (the "Company") announced the elimination of the Chief Technology Officer position and, as a result, that Timothy P. Sullivan's employment will terminate effective July 31, 2009. The Company anticipates entering into a separation agreement with Mr. Sullivan regarding the terms of his separation, a copy of which will be filed with the Securities and Exchange Commission following execution.
Of course, Eric Cooney just took over as the new CEO in March, and since then it apparently hasn't been a fun place to work. The company laid off 10% of its workforce in April, including its cloud computing team, a bunch of systems engineers, and a wide array of middle management. Last month, it was their VP of engineering Steve Kiene who left the company, and now their CTO is leaving abruptly.
I have to ask, when a high end niche technology company has this much turnover amongst its technical leadership, can it ever be good? Have the wheels come completely off or is this all part of the new CEO's master plan? Just how much housecleaning can one do before it's a full scale remodeling...
The company has been having trouble settling on a new path. Its core IP transit business remains weak, it doesn't have the funds to build datacenter space indefinitely, and its CDN business remains in the industry penalty box. Perhaps the next move for Cooney is simply to sell the company - he wouldn't much need a CTO if that were the case.
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