Juniper Networks Falls On CEO Shake-Up News

Juniper Networks, Inc. JNPR announced Monday the resignation and replacement of its CEO.

According to the company’s press release, “Shaygan Kheradpir has resigned as chief executive officer and director of the Company. His resignation follows a review by the board of directors of his leadership and his conduct in connection with a particular negotiation with a customer. The board and Kheradpir have different perspectives regarding these matters. The board's review will not result in any adjustments to the Company's financial statements.”

“Rami Rahim has been named chief executive officer, effective immediately. Rahim has also been appointed to the board of directors.”

"I am honored to be asked to lead Juniper -- a company I have dedicated 17 years of my career to -- at such an important time in our history," said Rahim. "Juniper employees have truly risen to the challenge this year and that has enabled us to make incredible progress in 2014, including sharpening our focus on the highest-growth segments of the market, optimizing our organizational structure and improving cost management. And we've accomplished this while readying our next wave of great products. I want to thank my talented colleagues around the world for their hard work and dedication. The management team and I remain committed to our strategy and are excited about the opportunities that lie ahead for Juniper."

Juniper Networks, Inc. traded at $21.18 in the aftermarket, down 1.49 percent.