Frederick steps down as DragonWave CFO, cites personal reasons

After more than 11 years on the job, Russell Frederick is leaving his position as chief financial officer of DragonWave, the Ottawa-based company announced Thursday.

Mr. Frederick cited personal reasons for his departure, which is effective immediately, the company said. He will also step down from the firm’s board of directors.

The packet microwave radio systems supplier announced Patrick Houston will assume CFO duties on an interim basis. Mr. Houston is currently DragonWave’s assistant vice-president of finance and operations and has filled senior roles with the company for the last eight years.

DragonWave president and CEO Peter Allen said he was pleased to have Mr. Houston in the CFO role.

“Patrick has played a key role in our strategic initiatives and is well positioned to help guide the company," Mr. Allen said in a statement.

DragonWave (TSX:DWI)(NASDAQ:DRWI) recently cut its projections for fiscal 2016 second-quarter revenue, citing an unexpected glitch in the rollout of a new product to a carrier in India.

The company has also seen declining revenue from its Nokia channel. Earlier this year, Nokia struck a deal to acquire Alcatel-Lucent, a DragonWave competitor.