HILLSBORO, Ore. (AP) -- Radisys Corp. on Monday replaced CEO Michel Dagenais with its president and chief financial officer, Brian Bronson effective immediately. It also lowered its revenue guidance for the third quarter, citing softer demand.
The provider of wireless infrastructure systems said Dagenais has also resigned from its board.
Bronson, 41, joined Radisys in 1999 and has been CFO since 2006 and president since 2011.
Allen Muhich was named as interim CFO and corporate secretary. Muhich, 45, joined the company last year as vice president of finance. He previously held that title and corporate controller at Merix Corp., and has also worked at Tektronix Inc., Xerox Corp., Danaher Corp., and Tripwire Inc.
The company also lowered its third-quarter revenue guidance. It now expects revenue of $63 million to $65 million, down from its earlier outlook of $66 million to $72 million.
Analysts, on average, were predicting revenue of $68.8 million, with estimates ranging from $68 million to $69.5 million, according to FactSet.
"We continue to believe we are not losing market share, but rather are seeing softer customer demand in a challenging telecommunications spending environment," Bronson said. "That being said, we continue to believe third-quarter revenue levels are at the bottom."
Radisys shares dropped sharply when the new was released, trading as low as $3.19, before recovering some of that loss. The stock ended the session down 17 cents, or 4.7 percent, at $3.43. Shaves have traded in the 52-week range of $2.90 to $8.07.
- Investment & Company Information