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Edgio appoints new CFO and CLO; moves come after Edgecast merger, rebranding

Edgio appoints new CFO and CLO; moves come after Edgecast merger, rebranding

Edgio, a provider of edge computing and content delivery solutions, recently announced Stephen Cumming as its new chief financial officer and Rich Diegnan as the company’s chief legal officer.

These appointments come as Edgio — the new name of the combined Limelight Networks and EdgeCast — looks to continue building positive momentum and expanding its reach in the global market, the company says.

“We are excited to have Stephen and Rich join us,” said Bob Lyons, Edgio’s CEO.

Prior to joining Edgio, Stephen Cumming was the CFO of the network infrastructure company, Cambium Networks, where he took the organization public in 2019. Stephen was the CFO at a privately-held SaaS firm, Kenandy, which was successfully sold to Rootstock before Cambium. Stephen served as CFO at Atmel Corporation and Fairchild Semiconductor prior to that. During his time there, he helped the company expand its reach and boost profitability both domestically and internationally.

“Stephen is a seasoned financial veteran with almost 30 years of experience leading software and infrastructure companies through strategic, operational and financial transformations to attain new levels of growth and profitability. His broad experience working in both public and private capital markets, proven operational leadership, and merger and acquisitions experience, enables us to broaden the CFO role to meaningfully contribute to shareholder value creation for Edgio,” said Lyons.

Meanwhile, Rich Diegnan joins Edgio from the internet infrastructure solutions company Internap, where he served as general counsel for more than five years. Prior to Internap, Rich gained experience by running his own corporate law practice for a duration of 12 years. During this time period, he worked for the software firm Travel Tripper as a CFO and general counsel, as well as for the startup broadband telecom business Broad Valley Micro Fiber Networks as general counsel. Diegnan was also a member of the Global Corporate and Mergers and Acquisitions practice at Milbank LLP before that.

“Rich brings strong operational leadership and has a proven track record successfully leading mergers and acquisitions, making him an ideal addition to Edgio,” Lyons said.

The two incoming executives replace outgoing CFO Dan Boncel and CLO Mike DiSanto. Lyons thanked the two executives for their contributions to Edgio.

“Dan Boncel and Mike DiSanto have made meaningful contributions as we successfully repositioned the company into a leading edge-enabled solutions provider with accelerating growth and profitability. We are grateful for their continued support as Stephen and Rich transition in and get up to speed,” said Lyons.

Earlier this year, Limelight Networks entered into an agreement to acquire Yahoo’s Edgecast (now rebranded to Edgio) in an all-stock transaction. Edgecast was a business unit of Yahoo, which in turn was owned by funds managed by affiliates of Apollo and Verizon Communications. Yahoo acquired approximately 72.2 million shares of Limelight stock and had a stake in the combined firm of 31.9 percent.

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