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VoIP News Item
3Com Announces Planned Leadership Transition
1/11/2006
MARLBOROUGH, Mass.--(BUSINESS WIRE)--Jan. 11, 2006--3Com Corporation today announced that its President and Chief Executive Officer, Bruce Claflin, will retire at the conclusion of an executive search for a replacement, which currently is underway. Claflin's retirement is consistent with a succession plan agreed to with the 3Com Board of Directors.
"Under Bruce's leadership, 3Com developed a strategy to become a leading global provider of secure converged networking solutions for small, medium and large enterprises," said Eric Benhamou, Chairman of 3Com. "In support of that strategy, 3Com implemented a highly unique approach to competing in the networking market through the creation of our joint venture with Huawei. Furthermore, Bruce established 3Com as a leader in a high-growth market for network security through the TippingPoint acquisition. Moving forward, the 3Com Board intends to recruit a CEO who can build on the positive trends of the past few quarters as we continue to execute our strategy and drive 3Com toward profitable growth."
Claflin is an active participant in the search for a new CEO, which is being run by a committee of independent directors of the Board. Once a CEO is appointed, Claflin will act as a senior advisor to the new CEO and the Board for six months to help ensure a smooth transition of leadership for our partners, customers and employees.
"Over the past few years we have made solid progress in the execution of our strategy," added Claflin. "With the improving financial performance of the company in recent quarters, including top-line and gross margin expansion as well as expense control, the company is well-positioned for future growth. These improvements coupled with my personal retirement objectives make this a good time to transition to new leadership."
The company also reconfirmed its plan to reach a breakeven model, before restructuring and amortization expenses, in its fiscal quarter ending February 2007.
Claflin's successor will assume his position on the 3Com Board and as Chairman of Huawei-3Com.
About 3Com Corporation
3Com Corporation (NASDAQ: COMS - News) is a leading provider of secure, converged voice and data networking solutions for enterprises of all sizes. 3Com offers a broad line of innovative products backed by world class sales, service and support, which excel at delivering business value for its customers. Through its TippingPoint division, 3Com is the leading provider of network-based intrusion prevention systems that deliver in-depth application protection, infrastructure protection, and performance protection for corporate enterprises, government agencies, service providers and academic institutions. For further information, please visit www.3com.com, or the press site www.3com.com/pressbox.
Copyright © 2006 3Com Corporation. 3Com, and the 3Com logo are registered trademarks and TippingPoint is a trademark of 3Com Corporation. All other company and product names may be trademarks of their respective holders.
Safe Harbor
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the following: the retirement of Mr. Claflin and the search for a replacement as our Chief Executive Officer; the ability of a new Chief Executive Officer to build on our recent trends; the transition period following the hiring of a new Chief Executive Officer; and future growth prospects and our financial performance for our third quarter of fiscal 2007. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially, including fluctuations in the demand for our products, our ability to successfully manage costs and expenses, and possible development or marketing delays relating to our product offerings. For a discussion of other risks and uncertainties associated with our business, please refer to our most recent filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended June 3, 2005 and our Quarterly Report on Form 10-Q for the fiscal quarter ended December 2, 2005.
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