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Dan Caruso, a co-founder and longtime CEO of Zayo Holdings Group Inc., is stepping down from the internet infrastructure firm’s top role.

In a statement Thursday, the Boulder-based Zayo said Caruso will become a board member. Steve Smith, a managing director at private equity firm GI Partners, will succeed Caruso. The company did not set a date when the transition will be effective.

“I’m excited to join Zayo as it begins its journey as a private company backed by two of the world’s largest infrastructure investors,” Smith said in a statement. “Dan (Caruso) and I have known one another and partnered together as Zayo and Equinix emerged as the global leaders in their respective digital infrastructure segments.”

Smith was CEO of data center company Equinix Inc. (Nasdaq: EQIX) from 2007 to 2018. He resigned from that position after “exercising poor judgment” in regard to an employee, according to a company statement at the time.

Caruso led the company from its beginnings in 2007 into a $8.3 billion company traded on the New York Stock Exchange before eventually selling the company to two investment firms last year for $14.3 billion in a go-private deal.

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