Rami Rahim is the new chief executive of Juniper Networks.
Rahim, a 17-year veteran at the company and one of the first few employees when the company first started, replaces Shaygan Kheradpir effective immediately.
The new chief executive has also been appointed to the board of directors.
In a brief mention as part of a wider statement on Monday, former chief Shaygan Kheradpir stepped down following a review by the board of directors into his conduct. Though few details were given, it was regarding his "conduct in connection with a particular negotiation with a customer."
The name of the customer was not disclosed.
The statement said Kheradpir and the board had "different perspectives" on the matter. As Kheradpir was ultimately accountable to the board, he stepped down — though, how much of that was his own decision remains unknown.
As for Rahim, he now has a big task ahead of him. He has to rally the troops following Kheradpir's resignation, and also keep the company ticking over amid some uncomfortable financials.
As of its fiscal third-quarter earnings, things didn't look so hot.
The Sunnyvale, Calif.-based company missed earnings and revenue, and cut its outlook for the fiscal fourth quarter.
In response to the move, then-chief Kheradpir pushed ahead with a $100 million cost reduction initiative, which also included the possibility of job cuts.
Where Rahim goes from here is anybody's guess, but his priority will be first and foremost getting the company he helped build from the ground up back on its feet.
Juniper ($JNPR) closed down 1.8 percent on the New York Stock Exchange. In after-hours trading, shares continued to fall by 1.5 percent at the time of publication.