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Limelight Looking For New CEO
Remember Limelight Networks, the content delivery network, which recently raised $130 million, and has made headlines for being the infrastructure provider to hot Web 2.0 start-ups such as You Tube? Well the company is looking for a new chief executive, according to some documents. The company has hired James & Co, a head hunting firm to find a new CEO to replace Bill Rinehart.
If the company has any ambitions to go public, and this search indicates that it does, it needs to replace Rinehart, who has had issues with the Securities & Exchange Commission in the past, when working for CriticalPath, a dot bomb. He was barred from holding an office in a publicly traded company for five years and had to pay a substantial fine. (Jeffrey Citron of Vonage had to bring in a new CEO Michael Snyder for similar (not identical) reasons.)
The company has been in a bit of a pickle, it has been sued by Akamai, as we reported previously. We have an update here as well. Akamai is asking for Temporary injunction and permanent post jury trial with exceptional consideration for damages. The trial is likely to occur in Boston, which is Akami’s backyard. We will keep you posted.
Akamai’s suit has no merit. They only brought it to try to disrupt the Limelight financing that was recently announced. Now that Limelight has the money, Akamai is screwed.
Akamai has never brought a suit without merit when defending its patent, and the suit also involves MIT, co/patent holder. Take a look at Digital Island, Sandpiper and Speedera. Lastly, $100 million of the 130 raised went to the management team and existing shareholders. So LL is screwed, not Akamai. Stay tuned, If we see a temporary injunction at the forthcoming hearing Limelight is for the most part, over.
And Akamai doesn’t have money?
They have every right to sue copycat companies who infringe their patents.
The YouTube and other growing businesses will, as they grow further, give up the value added offerings of Limelight for the stability and security of Akamai’s network.
Wow, that sure looks like a story that appeared on Light Reading a few days ago!
http://www.lightreading.com/document.asp?doc_id=102527
Just a coincidence I guess. Cheers, Mark
I guess we both got emailed the same document with headhunting firm – so yes a coincidence. anyway if you want the documents for their lawsuit etc, let me know. can mail them out to you.
Yes, I think we have a mutual friend. I hadn’t thought of that. Great site Om and love the work of your new staff reporters. -Mark
Now there’s word that Google is sniffing around to buy LLN (per thestreet.com). What does that mean for the CDN world if it manifests?