Network Peripherals (Nasdaq: NPIX) added a co-CEO and approved an expansion of its stock buyback program.
After market close Monday, the maker of network switches said James Regel, president and chief operating officer, was named co-CEO. Regel will share the CEO office with Bill Rosenberger, whose health is surrounded by "future uncertainty", Chairman Glenn Penisten said.
Shares of Network Peripherals rose 5/16 to 11 7/8 in Monday's regular trading, prior to the announcements.
Regel will oversee the daily operations of Network Peripherals while Rosenberger focuses on strategy, Penisten said.
The company also plans to buy back 3 million shares over the next year, on top of a stock buyback plan unveiled more than three months ago. Network Peripherals currently has about 15.5 million shares outstanding, according to MarketGuide.
Network Peripherals has announced its share of problems over the last few months. The company reported a disappointing second quarter. Penisten blamed a three-week, health-related absence by Rosenberger for hindering the company's business execution.>