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Loudcloud cuts 122 jobs
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May 1, 2001: 4:52 p.m. ET
Internet infrastructure manager cuts 19% of workforce; appoints execs
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NEW YORK (CNNfn) - Loudcloud Inc. plans to cut 122 jobs, 19 percent of its workforce, in an effort to reach the cash flow breakeven point.
The Sunnyvale, Calif.-based company, which manages Internet infrastructure for businesses, also announced two changes in management, appointing a chief marketing officer and creating the position of executive vice president of business development.
"We are pleased that the initiatives we are announcing today are designed to allow us to reach cash flow breakeven with our existing financial resources, while maximizing both the quality and reliability of Loudcloud's customer service," said Rod Sherwood, Loudcloud CFO, in a statement.
The company appointed former Northpoint Communications Chief Marketing Officer Shellye Archambeau as its CMO and former Excite@Home (ATHM: Research, Estimates) Executive Vice President John O'Farrell as its V.P. of business development.
Loudcloud (LDCL: Research, Estimates) received a muted response when it debuted on Wall Street March 9 and the stock has been treading water since then.
Share of Loudcloud rose 53 cents to $6.43 on the Nasdaq Tuesday. 
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