BigBand Networks announced yesterday that Fred Ball, the company’s chief financial officer, will resign to pursue personal interests. The company has begun a CFO search with a retained executive search firm and intends to complete the search in the near future.
Ball will remain CFO through a transition period of an undetermined length and will aid BigBand in the future through an advisory role.
“We are most grateful to Fred for the expertise and leadership he has provided since he joined the company in 2004,” said Amir Bassan-Eskenazi, president and CEO of BigBand Networks, in a statement. “He made a significant contribution in fostering the company’s growth and in preparing us for our IPO and Sarbanes Oxley requirements. I am personally grateful for the support he has provided and wish him every success in the future.”
BigBand had its initial public offering (IPO) in March of this year. The stock opened at $15.25 a share but was trading in the $5.60 a share range by mid-morning today. The company was an earlier pioneer in switched digital video technology and its customers include Time Warner Cable, Cox Communications, Cablevision and Verizon.
“I am grateful to Amir and the team at BigBand for the opportunity to be part of a great company at an exciting stage in its growth,” Ball said in a statement. “I am happy to have contributed to BigBand’s accomplishments and wish the team continued success with customers and with building a leading video technology company.”
BigBand also announced that it will report financial results for the third quarter ended Sept. 30, immediately following the close of the market on Tuesday, Oct. 30.