Barracuda CEO Resigns


Barracuda Networks, Inc. has confirmed that Dean Drako, the company's co-founder, president, CEO and chairman will step down on Wednesday in order to pursue new opportunities. Drako, however, will continue to serve on the board of directors of the Campbell, California-based vendor of security, networking, backup and data protection solutions.

Board of Directors member Gordon Stitt, Co-founder/CMO Michael Perone and CFO David Faugno will jointly share the management reins until a replacement is found.

“I met my goal of building Barracuda Networks from an idea to a highly profitable, high-recurring revenue company,” said Drako, in a prepared statement. “Barracuda now has the technology, user community, and growth ramp to be a thriving public company. I would like to thank Barracuda’s employees, partners and customers, who contribute daily to its success."

[Related: Barracuda Networks Breach Exposes Partner Contact Information]

The company reports nearly 30 percent growth year-over-year since its inception, and its worldwide customer base grew from 85,000 to 150,000 customers in the past two years. Barracuda currently has nearly 1,000 employees and 10 offices, and it does business in more than 80 countries.

PUBLISHED JULY 16, 2012