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Cereva Skids to a Halt

Its CFO and head of sales have left the building. What's next?

Cereva Networks Incs epic struggle to find more financing seems to have taken a turn for the worse.

The startup has confirmed that CFO Brian Cohen and head of sales Timothy Lieto have quit within weeks of each other. The management shakeup isn't helping Cereva’s long, drawn-out effort to secure a much-needed third round (see Cereva Closes In On Round Three).

Cohen, VP and CFO since Cereva launched in early 2000, unexpectedly quit last Thursday, while Lieto, Cereva’s head of sales and business development, resigned a few weeks ago. Bruce McDonald, head of corporate communications at the company, confirmed the departures but had little else to say on the subject.

"They left for personal reasons and it’s too early to say who will replace them." As well, he gave assurance that the rest of the management team, under CEO Mahesh Ganmukhi, are staying put (at least for now!).

Of the two resignations, Lieto’s seems particularly painful for Cereva, as he plans to join Pirus Networks, another major player in the SAN startup field.

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