3Com Announces Senior Leadership Changes to Accelerate Global Business Plan.Names Robert Mao New Chief Executive Officer and Ronald Sege New President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. ; Sege Appointed to Board of Directors MARLBOROUGH, Mass. -- 3Com Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : COMS COMS 3Com Corporation (stock symbol) COMS Certified Orientation and Mobility Specialist COMS Continuous Opacity Monitoring Systems COMS City of Manchester Stadium (UK) ) today announced that the company's Board of Directors has appointed Robert Mao as the new Chief Executive Officer, replacing Edgar Masri who is leaving the company. Mao will continue to serve on the company's Board of Directors. The company also announced that it hired Ronald Sege as President and Chief Operating Officer and appointed him to the Board of Directors effective upon his joining the company on April 30, 2008. "We wish to thank Edgar for his leadership and contributions to 3Com," said Chairman of 3Com's Board of Directors, Eric Benhamou. "Edgar helped the company through a challenging period and helped us make progress on a number of fronts, including the successful acquisition of H3C and the development of a differentiated technology strategy with Open Services Networking, or OSN OSN Ocular Surgery News OSN Obras Sanitarias de la Nación (Argentina) OSN Online Social Network OSN Oregon Sports Network OSN Organic Solvent Nanofiltration OSN On Sale Now OSN One Stop Notification . We wish him well in his future endeavors." To support the company's increasing emphasis on its growing and profitable China-based H3C operations, Mao will be based in China. Sege will be located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and will focus on 3Com operations outside of China, accelerating the adoption of H3C-developed products in global markets and ensuring the company provides world-class service and support to its customers and partners around the globe. Sege, who will report to Mao, will also help drive the company's continued focus on overall profitability and seek to maximize the value of its TippingPoint business as it continues on its path to greater operational autonomy. "In addition to his 30 years in the global IT and telecommunications industry, Bob's bi-cultural background, extensive business experience in Asia and fluency in Mandarin and English offer a rare set of skills that can bridge Chinese and western organizations," added Benhamou. "Bob brings the company a set of skills that are uniquely fitted to 3Com's current business needs. Having him based out of China and having an experienced leader of Ron's caliber based in the United States will allow us to speed execution of our global business plan." Mao, 64, was most recently 3Com Executive Vice President, Corporate Development from August 2006 to March 2007. Prior to joining 3Com, Mao worked for Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony , where he was President and Chief Executive Officer of the company's greater China operations from 1997 to 2006. Prior to his time at Nortel, he was Regional President of greater China for Alcatel. Mao also held senior managerial and technical positions at ITT ITT Initial Teacher Training (UK) ITT I Think That ITT Invitation To Tender ITT Individual Time Trial (professional cycling) ITT Intention-To-Treat ITT In This Thread (forums) in Asia and the United States. He holds a master's degree master's degree n. An academic degree conferred by a college or university upon those who complete at least one year of prescribed study beyond the bachelor's degree. Noun 1. in material science and metallurgical engineering from Cornell University Cornell University, mainly at Ithaca, N.Y.; with land-grant, state, and private support; coeducational; chartered 1865, opened 1868. It was named for Ezra Cornell, who donated $500,000 and a tract of land. With the help of state senator Andrew D. , and has a master's degree in management from the Massachusetts Institute of Technology Massachusetts Institute of Technology, at Cambridge; coeducational; chartered 1861, opened 1865 in Boston, moved 1916. It has long been recognized as an outstanding technological institute and its Sloan School of Management has notable programs in business, (MIT MIT - Massachusetts Institute of Technology ). "I am extremely excited about this opportunity to help 3Com capitalize on the tremendous potential it has to enhance its position as a global networking leader," said Mao. "I believe 3Com can leverage H3C as the cornerstone of its future. In less than five years, H3C has built a broad, world-class portfolio of networking, video and storage solutions and gained market share leadership in China. Our objective now is to combine the strength and momentum of H3C with 3Com's global customer base, well-recognized brand, service and support infrastructure and proven distribution channel. By leveraging these strengths, we will offer customers broad, high-quality, cost-effective solutions on a worldwide basis - this is a compelling value proposition." Sege added, "Working with Bob, I plan to accelerate global market penetration for our high-value networking, video and storage solutions, as well as to continue to drive operational excellence throughout the company. I was attracted to re-join 3Com in large part because of its unique ability to offer customers and partners a differentiated alternative for building future-proof, intelligent networks that deliver real business value to an organization. We have tremendous opportunity ahead of us." Before returning to 3Com, Sege, 51, most recently served as President and Chief Executive Officer of Tropos Networks, Inc. a provider of wireless broadband networks, from 2004 to 2008. He is currently on Tropos' Board of Advisors. Prior to Tropos, Sege was President and Chief Executive Officer of Ellacoya Networks, Inc., a provider of broadband service optimization solutions based on deep packet inspection Analyzing network traffic to discover the type of application that sent the data. In order to prioritize traffic or filter out unwanted data, deep packet inspection can differentiate data, such as video, audio, chat, voice over IP (VoIP), e-mail and Web. technology. During his career, Sege also served as Executive Vice President of Lycos, Inc., the Internet search engine. He previously spent nine years at 3Com Corporation, from 1989-1998, serving in a variety of senior management roles including Executive Vice President, Global Systems Business Unit. Sege holds an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from Harvard University and a Bachelor's degree from Pomona College. Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. 3Com's Compensation Committee granted Sege options to purchase two million shares of 3Com's common stock, and one million shares of restricted common stock, under NASDAQ's "inducement" exception. Per company policy, the exercise price of the stock options will be determined at the close of business on the first Tuesday of the month following the month in which Sege commences his employment with 3Com. The options have a term of seven years, vest in equal annual installments over four years, and were granted under a Stand Alone Stock Option Agreement with Sege. The restricted stock vests in equal annual installments over three years and were granted under a Stand Alone Restricted Stock Agreement with Sege. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including forward-looking statements regarding executive transition and future strategies. These statements are neither promises nor guarantees, but involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including, without limitation, risks relating to our ability to profitably grow the company and other risks detailed in our filings with the SEC, including those discussed in our quarterly report filed with the SEC on Form 10-Q Form 10-Q See 10-Q. for the quarter ended February 29, 2008. 3Com Corporation does not intend, and disclaims any obligation, to update any forward-looking information contained in this release or with respect to the announcements described herein. About 3Com Corporation 3Com Corporation (NASDAQ: COMS) 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. 3Com also includes H3C Technologies Co., Limited (H3C), a China-based provider of network infrastructure products. H3C brings high-performance, cost-effective product development and a strong footprint in one of the world's most dynamic markets. H3C holds the #1 market share position in China for enterprise stackable switch ports and router units, according to leading IT market research and advisory firm IDC. 3Com also is the clear #2 vendor worldwide in total Ethernet switching port shipments, enterprise router units, and small- and medium-business (SMB (1) (Small to Medium-sized Business) Also called "SME" (small to medium-sized enterprise), it refers to companies that are larger than the small office/home office (SOHO), but not huge. ) switching. Through its TippingPoint division, 3Com is a leading provider of network-based intrusion prevention systems that deliver in-depth application protection, infrastructure protection, and performance protection. For further information, please visit www.3com.com, or the press site www.3com.com/pressbox. Copyright (c) 2008 3Com Corporation. 3Com, the 3Com logo and TippingPoint are registered trademarks and H3C is a trademark of 3Com Corporation or its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . All other company and product names may be trademarks of their respective holders. |
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