Data storage equipment maker Brocade Communications Systems on Monday said Michael Klayko has replaced Greg Reyes as its chief executive officer. Klayko had been Brocade's vice president of worldwide sales for nearly a year. He came to the company in January 2003, when Brocade acquired Rhapsody Networks, where he was CEO. Brocade said Reyes, who had been CEO since 1998, remains a director and will serve as an advisor to the company, focusing on "customer and strategic matters."
Brocade, which makes, did not give a rationale for the change in a press release announcing the changes. Brocade also announced on Monday, however, that it has completed an internal review that it expects will result in additional stock-based compensation charges. Brocade said it expects to post a loss of $32 million for the year ended Oct. 30.