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Riverbed president retiring; company adds $200M to buyback program

  • Riverbed (RVBD) says Products Group president Eric Wolford (oversees product development) is "retiring from his daily responsibilities as a member of executive management" in Q4. At the same time, Wolford has been appointed to the company's board. (PR)
  • Separately, Riverbed announces it's adding $200M to its buyback program. Counting the $25M Riverbed has remaining under an almost-finished $300M program, the company's remaining buyback authorization now stands at $225M. (PR)
  • The remaining authorization is good for repurchasing 8% of outstanding shares at current levels. Riverbed spent $50M on buybacks in Q2. Its shares remain well below their early 2011 highs.
  • CTO Steven McCane left earlier this year, and was replaced by co-founded David Wu. Riverbed shares tumbled in July due to a revenue miss and soft guidance mostly blamed on recently-acquired OPNET.
  • JMP has cut shares to Market Perform following news of Wolford's retirement.
  • Shares -0.8% premarket.
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