Equinix CEO Steven Smith resigned suddenly from the data center company after “exercising poor judgment with respect to an employee matter.” Peter Van Camp, executive chairman of Equinix’s board of directors, will become interim CEO while the board searches for a replacement.
The company declined to provide any more details about Smith’s resignation. He had been CEO for 11 years. Van Camp served as CEO for seven years and has been executive chairman of Equinix’s board since 2007.
“The Board gave this matter the deepest consideration and recognizes the many contributions Steve made over the past 11 years to achieve the global scale, reach, and market leadership the company enjoys today. He has worked hard to grow and sustain the business, and we greatly appreciate his efforts,” Van Camp said in a statement.
The news caused Equinix’s stock to dip. At mid-day it was trading at $437.41 per share down from yesterday’s close of $439.17.
Under Smith’s leadership, the company’s revenues grew tenfold. In the third quarter of 2017, Equinix reported $1.152 billion in revenue, a 25 percent increase compared to the previous year.
Equinix has 200 data centers in 24 countries around the world. Last month it made a deal to buy Australian data center company Metronode for $792 million in cash. This acquisition will add 10 data centers to Equinix’s current five in Australia and improve its position in the Asia-Pacific region.