CEO of networking company Brocade Michael Klayko announced earlier this week that he plans to resign from his position. The company’s board of directors has not found a replacement, and Klayko will stay in the role until they find one.

“Decisions like these are never easy, but I believe it is the right time,” Klayko said. “The company is in a great position financially, and our product pipeline will continue to strengthen and clearly separate Brocade from other networking providers.”

Klayko has been Brocade’s CEO for more than seven years. The company did not say why he decided to leave.

Brocade made the announcement on the same day it reported strong results for its third fiscal quarter.

Its revenue for the quarter was US$555.3m, a 10% year-over-year increase. Brocade reported $0.09 earnings per share (EPS), which was up from “break-even” EPS it reported for the third quarter of fiscal 2011.

“With continued differentiation in our products and focused execution across our organization, we were able to overcome many issues in the current challenging macroeconomic environment,” Klayko said. “As a result, our financial performance in the quarter exceeded our expectations for revenue, operating margin and earnings per share.”

While much smaller than Cisco or HP, Brocade is a major player in the data center networking market.

In January, Reuters reported that Brocade had hired investment bank Qatalyst Partners to work on possibly selling the company. Citing anonymous sources, Reuters said multiple companies had made buyout bids for the Silicon Valley firm.