Limelight Confirms Robert Lento As Permanent CEO
On Tuesday, Limelight Networksannounced that it has confirmed interim CEO Robert Lento as its permanent CEO, effective immediately. Simultaneously, the company said former CEO Jeff Lunsford will step down from his post as chairman of the Board of Directors, while Lento takes a place on the board.
Lento has served as interim CEO of Limelight since Nov. 26, during which time the company's shares rallied nearly 38% to hit a recent high near $2.30. The shares dipped a bit today, down 0.9%. Before Lento's appointment, however, Limelight lost nearly 80% of its market cap, falling from a February 2011 high of more than $8 to a low of $1.67 when Lento's appointment as interim CEO was announced.
The article Limelight Confirms Robert Lento As Permanent CEO originally appeared on Fool.com.Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.