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Networking Gear Maker Lantronix: CEO Leaving, Search On

Irvine-based Lantronix Inc., a maker of networking gear, said Wednesday its chief executive is set to resign.

Marc Nussbaum is set to step down next week, after holding the post for five years. The company didn’t give a reason for his resignation.

Shares of Lantronix fell about 9% on a recent market value of about $59 million.

The company’s stock has fallen by about 20% in the past year.

Lantronix’s board has set up a committee to find Nussbaum’s replacement. Chief Financial Officer Reagan Sakai is set to fill in during the search.

The company has seen other changes in the top ranks of late.

Last month, Bernhard Bruscha, founder and former chairman, and Curt Brown, former vice president of research and development, joined Lantronix’s board.

The company’s chairman is H.K. Desai, chief executive of Aliso Viejo-based QLogic Corp., which also makes data networking devices. He took the post in 2002.

Lantronix got its start in 1989 and has about 150 workers in Irvine. It makes servers that allow electronic devices, such as bar code scanners, point-of-sale terminals and ATMs, to be accessed and controlled via the Internet and across local area networks.

The company ran into trouble with the Securities and Exchange Commission a few years ago over a former executive who regulators charged with defrauding investors with false financial results in 2001.

A settlement was reached last year when Lantronix restated results from its 2001 earnings, eliminating about $7.4 million in sales that year.

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