Redback Networks CEO, President Resigns

Internet infrastructure provider Redback Networks Inc. said its President and Chief Executive Vivek Ragavan has resigned to pursue other opportunities, the second CEO the company has had since its founding in 1996. Chairman Pierre Lamond will be interim CEO.

The company warned early last month that it would post a first-quarter loss and lay off 150 employees, or 12% of its work force.

Shares of San Jose-based Redback closed up $1.01 at $19 on Nasdaq before the announcement was made. In after-hours trading, the shares eased slightly to $18.15.