, has resigned, but will remain for a short period to help recently hired CFO Bob Corey transition to Acting CEO. The company is seeking a permanent replacement. Canepa receives $639,354 severance.

As part of the restructuring, the company also eliminated the job of chief counsel, getting rid of Robert Schlossman, and replacing him with Vice Presideint Diane Honda, according to a filing this week with the Securities and Exchange Commission. Judging from the company Web site, the head of human resources and head software developer are also gone.

The company didn't say where the 70 layoffs would come, but it represents about 9% of Extreme's workforce.

The moves will lower the company's expenses by $2.5 million per quarter, with the larger goal being to have the company break even if it makes $70 million per quarter. The measures will cost the company a one-time $4.2 million hit.