Smart grid company Silver Spring Networks, which makes wireless infrastructure for utility power grids, has a new CEO. On Wednesday, the company announced that Mike Bell, who was previously an executive at Intel and Apple, has taken over as President and CEO.
Bell replaces longtime CEO Scott Lang, who will move into the executive chairman spot and will remain as chairman of the board. Lang joined Silver Spring Networks (SSNI) as its founding CEO in 2004, and previously worked with Ross Perot at Electronic Data Systems and Perot Systems.
Silver Spring Networks was founded in 2002 and funded early on by venture capitalists Foundation Capital and later Google Ventures and Kleiner Perkins Caufield & Byers. The company went public in 2013 at $17 per share.
Silver Spring Networks makes money by closing big deals, mostly with electric utilities, to sell wireless smart meter networks and other digital infrastructure and software. The company also works with water and gas utilities, as well as cities, like Paris, to connect municipal infrastructure with wireless networks.
The company has been looking to move beyond its utility roots for awhile and start generating more business from connecting cities and embracing the “internet of things.” Bringing on a longtime IT executive from Intel (INTC) with past experience from Apple (AAPL) could help with that goal.
For the previous six months, ended June 30, the company generated revenue of $220.81 million, up from $85.84 million from the same period a year earlier. At the same time, Silver Spring Networks made a profit of $18.73 million for that period in 2015, up from a loss of $52.40 million from 2014.
Silver Spring Networks was trading at $11.25 per share in morning trading.
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