Emulex Announces CEO Change

Tickers in this article: ELX

NEW YORK (TheStreet) -- Networking specialist Emulex has announced a leadership change, with President and COO Jeff Benck taking over from Jim McCluney in the company's hot seat.

McCluney, who has served as Emulex CEO since 2006, has been named executive chairman of the company's board.

"Having worked closely with Jeff over the past five years, I am confident that he and the current senior management team will continue to drive success for the company," said McCluney, in the company's statement, which was released after market close.

Benck joined Emulex as COO in 2008 and was promoted to president in 2010.

Emulex also announced preliminary fiscal fourth-quarter results, which include revenue between $119 million and $120 million, at the midpoint of the company's guidance of $118 million to $122 million. Excluding items, Emulex expects earnings in line with its guidance of 11 cents to 13 cents a share. Analysts surveyed by Thomson Reuters are looking for sales of $119.74 million and earnings of 12 cents a share.

Shares of Emulex have climbed almost 14% this year, most recently buoyed by sale chatter swirling around the company.

Emulex shares closed up 0.48% at $8.32 during Monday's trading session.

--Written by James Rogers in New York.

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