Financial Troubles and Executive Changes
Sujal Patel, who founded Isilon in 2001 and served as its chief technology officer, returned to the company as CEO in the Fall of 2007. This followed the resignation of Chief Executive Steve Goldman and Chief Financial Officer Stu Fuhlendorf. In the spring of 2008 Isilon reported questionable revenue recognition events to the SEC under the previous regime. A number of earning reports submitted to the SEC from 2006 and 2007 were revised. Isilon introduced a new revenue recognition policy in order to remedy the previous issues.
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