The CEO of one of the largest data center operators in the world abruptly resigned Thursday after exercising poor judgment with respect to an employee matter, according to a press release.

Equinix Inc. CEO Steve Smith stepped down effective immediately and former CEO Peter Van Camp has been appointed interim CEO by the board of directors.

Few details about the matter have surfaced, though Smith said the decision to step down from his position is "in the best interests of the company," according to an issued statement.

"The board gave this matter the deepest consideration and recognizes the many contributions Steve made over the past eleven years to achieve the global scale, reach and market leadership the company enjoys today. He has worked hard to grow and sustain the business, and we greatly appreciate his efforts," Van Camp said in a statement.

Equinix said the matter does not reflect the company’s financial health or operational performance.

As of Thursday, Equinix shares were trading at $439.17 per share, down 2.13% with a market capitalization of $34.52B, Data Economy reports.

"The company is well-positioned strategically, with tremendous depth at the leadership level and a passionate team that will guide the business and continue to drive the performance of the company,” Van Camp said.