Business

Carbonite chief executive to step down

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Carbonite Inc.’s president and chief executive, David Friend, will leave the helm of the Boston provider of online backup services, the company said Monday.

Friend, who cofounded the company in 2005, will be executive chairman of the board once Carbonite finds a replacement. He will “serve as an advisor on key strategic initiatives,” according to a press release. It did not specify a reason for the move.

Friend took the company public in 2011. The initial offering had a strong performance, with the stock jumping 23 percent to $12.35. That didn’t last as competition grew. A year later, the shares hit a low of $5.80. Carbonite began to focus on small and mid-size businesses; that has led to a recovery. The stock closed Monday at $10.42.

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