SiliconBeat

Extreme Networks of Santa Clara named co-founder and current chairman of its board, Gordon Stitt, to a part-time position exploring new market opportunities for its products over the course of what the company expects will be one year, according to a filing Wednesday with the SEC.

He will be considered a 60-percent part-time employee and will be paid the equivalent of a $300,000 salary.

In March the company announced plans to cut 5 percent of its work force “in order to reduce operating costs and realign its organization in the current competitive operating environment.” At the same time the company also revealed having already trimmed 1 percent of workers earlier in the quarter. Based on the 861 employees the company said it had at the end of September, the cuts would have totaled about 50 jobs.