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SUNNYVALE, Calif. - Network security company Blue Coat Systems Inc. said Thursday it has named James R. Tolonen to its board in a new position.
Tolonen will be the company's sixth board member. He has served for the past five years as the chief financial officer and senior vice president of finance and administration of Business Objects, recently bought by German software company SAP AG.
Blue Coat's shares fell $5.50, or 24 percent, to $17.14 in morning trading after the company posted disappointing fiscal fourth-quarter results. Earlier, the stock hit a 52-week low of $16.20.
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