Memory drive maker Fusion-io Inc. (NYSE: FIO) said founders David Flynn, the chief executive, and Rick White, chief marketing officer, have resigned, sending the company's shares down to their all-time low.
Director Shane Robison will succeed Flynn effective immediately, the company said in a statement.
Fusion-io said its founders quit to pursue "entrepreneurial investing activities," but did not specify what these were.
The company said that the departures were not related to any issues regarding its financial statements or accounting policies and practices.
Flynn and White will both serve as advisers to the company and remain on the board for the next 12 months, Fusion-io said.
Flynn, 43, who has been chief executive for two years, took the company public in June 2011 at $19 U.S. Fusion-io's stock was down at $13.63 U.S. on Wednesday morning. It had peaked at $41.69 U.S. in November 2011 but has fallen sharply since then.
Fusion-io, which has consistently reported strong revenue growth since its IPO, said in April that revenue for the January-March period declined 7%.
Fusion-io makes solid state memory drives using NAND flash technology and counts Facebook Inc and Apple Inc among its key customers. Apple co-founder Steve Wozniak is Fusion-io's chief scientist.
Flynn served as chief architect software engineer of Linux Networx and founded the Utah research and development satellite office of Oracle Corp before setting up Fusion-io.
Robison served as chief strategy and technology officer of Hewlett-Packard Co before leaving in November 2011.
One expert who views the company as an attractive takeover target, said the transition could raise questions about the company's ability to continue to lead the flash storage market.
Fusion-io last month forecast fourth-quarter revenue ahead of analysts' estimates. The company reaffirmed its outlook on Wednesday.
The company's shares closed down $3.40, or 18.9%, on the New York Stock Exchange on Wednesday to $14.60 U.S.
