Employee matter failing leads to Equinix CEO Smith’s resignation

Equinix, Inc. said that CEO Steve Smith has decided to resign from his role as CEO, as well as from the Equinix board of directors. The resignation follows what the company termed as Smith "exercising poor judgment with respect to an employee matter." The company has not detailed the employee matter failing that caused Smith's resignation.

Equinix, Inc. (Nasdaq: EQIX) said that CEO Steve Smith has decided to resign from his role as CEO, as well as from the Equinix board of directors. The resignation follows what the company termed as Smith "exercising poor judgment with respect to an employee matter." The company has not detailed the employee matter failing that caused Smith's resignation.

The board of directors has accepted his resignation in the company's best interest. Effective immediately, the board has appointed executive chairman Peter Van Camp interim CEO of the company, and will begin a formal process to appoint a replacement CEO. For over 17 years, Van Camp has had major roles with Equinix, including serving as Equinix CEO for seven years (from 2000 to 2007), and has served as executive chairman of the Equinix board of directors since 2007.

Equinix says Van Camp continued to participate in daily Equinix business, and has been actively involved in all important decisions the global interconnection and data center company has made during his tenure. During the interim period, Van Camp will retain the responsibilities of his executive chairman position.

"The Board gave this matter the deepest consideration and recognizes the many contributions Steve made over the past eleven years to achieve the global scale, reach and market leadership the company enjoys today," said Van Camp. "He has worked hard to grow and sustain the business, and we greatly appreciate his efforts. I also want to emphasize that this action was not related to the company's operational performance or financial condition, both of which remain strong. The board and leadership team remain fully committed to the strategy."

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