INAP: Chutes and Ladders Time

RESTON, Va., July 16, 2019 (GLOBE NEWSWIRE) -- Internap Corporation (NASDAQ: INAP), a leading-edge provider of high-performance data center and cloud solutions with global network connectivity, today announced that Joseph DuFresne, Vice President, Corporate Development is being promoted to Senior Vice President, Finance, Corporate Development and Treasury, effective immediately. Jim Keeley, INAP’s CFO, has announced his planned departure from INAP on August 30, 2019 for a new opportunity with a private company. The Board has initiated a search for a new CFO and intends to appoint Mr. DuFresne to the additional role of Interim Chief Financial Officer, effective August 30, 2019, pending the Board’s appointment of a permanent CFO.

“The entire Board of Directors joins me in thanking Jim for his significant contributions to INAP over the past year,” said Peter D. Aquino, President and Chief Executive Officer. “Jim’s strong financial leadership and data center experience were instrumental in effecting our transformation to the new INAP, and we wish Jim the best. Going forward, we are further streamlining the organization as we evaluate our opportunities to drive shareholder value. I am very excited about Joe DuFresne’s expanded new role at INAP. Joe’s financial background, experience and financial acumen will be invaluable to INAP as we continue with INAP 2.0 and our strategic plans. I have confidence in Joe’s leadership in moving us through this transition as interim and in the strength of our accounting and finance team while we search for Jim’s replacement.”

Mr. DuFresne, 51, has been the Company’s Vice President, Corporate Development since November 2017 and has led the Company’s capital raising and merger and acquisition activities. Mr. DuFresne has more than 25 years of operating company and investment banking experience. Prior to joining the Company, Mr. DuFresne was the CEO and CFO at Broad Valley Micro Fiber Networks Inc., a fiber and wireless infrastructure provider serving the Mid-Atlantic region. Mr. DuFresne also spent twelve years in investment banking where he covered the telecommunications sector with a focus on infrastructure businesses, including metro fiber and data center-related businesses. Over the course of his banking career, Mr. DuFresne executed a broad array of debt and equity financings and buy and sell-side M&A transactions in the U.S., Europe and Japan. Mr. DuFresne spent time at UBS and Oppenheimer & Co. and began his banking career at Deutsche Bank Securities. Mr. DuFresne started his career at UOP, a process technology licensor for the petrochemical and oil and gas industries. While at UOP, he lived and worked outside the U.S., including time in Europe, Russia, Asia, South America and Africa. Mr. DuFresne holds an M.B.A. from the Tuck School of Business at Dartmouth College and a Bachelor of Science in chemical engineering from Montana State University.

Mr. Keeley’s resignation is not the result of any dispute or disagreement with the Company, or any matter relating to the Company's accounting practices or financial statements.