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FalconStor Software shares jump after management change

FalconStor's new CEO, Todd Brooks on Aug. 18,

FalconStor's new CEO, Todd Brooks on Aug. 18, 2017. Photo Credit: FalconStor

Shares of FalconStor Software Inc. jumped 33.5 percent to close at 25 cents on Friday, a day after the data storage software company announced a management shake-up.

After the stock market closed Thursday, the Melville company announced that Todd Brooks and Patrick McClain would immediately assume the roles of chief executive and chief financial officer. Former CEO Todd Oseth moved into an advisory role, the company said, while CFO Dan Murale resigned.

Brooks is an operating partner with Razorhorse Capital, an Atlanta investment firm. Previously he was chief operating officer for Austin, Texas-based Aurea Software, where McClain served as CFO.

FalconStor instituted a cost-cutting program, trimming almost 70 employees as of June 30 from a workforce of 166 full-time and part-time employees on Dec. 31.

The company also has been working to devise a strategy that would let it retain its listing on the Nasdaq Stock Market.

FalconStor shares have fallen about 77 percent over the last 12 months.

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