JNI Corporation Announces Upcoming Change in Board of Directors; Director John Stiska to Succeed Eric Wenaas as Chairman; JNI Sets Annual Shareholders Meeting for May 22 in San Diego.
SAN DIEGO--(BUSINESS WIRE)--April 11, 2002
JNI(R) Corporation (Nasdaq:JNIC), a leading provider of enterprise storage connectivity products, today announced that John C. Stiska, 60, a director with JNI Corporation since May 2000, will succeed Eric P. Wenaas, Ph.D. as chairman of the board of directors for JNI Corporation.
Wenaas, 60, plans to retire from the board at the time of the stockholders meeting.
In addition, JNI has set the date and location for its annual meeting. The meeting will take place on Wednesday, May 22, 2002, 10 a.m. PDT at JNI's corporate headquarters in San Diego.
Dr. Wenaas was CEO of Jaycor Inc. when the business unit that eventually became JNI Corporation was established in the early 1990s, and authorized the initial funding for the company. He became chairman of the board of directors when JNI was incorporated as a separate entity in February 1997.
"Eric has been a steady hand through all the changes in the industry," said Neal Waddington, president, CEO and a director of JNI Corporation. "As JNI's chairman over the past five years, he saw the company go from a business plan of a few Jaycor executives to a $100 million company during his tenure. I will miss his experience and perspective on the business. At the same time John Stiska has worked closely with JNI Corporation, Jaycor and Dr. Wenaas over the years and will provide governance continuity as our new chairman."
"My tenure on this board with Dr. Wenaas, my experience on Jaycor and other boards, as well as my background as the CEO of a public company and senior vice president at QUALCOMM are key to understanding the challenges facing JNI," said Stiska.
During Dr. Wenaas' term as chairman, JNI Corporation became the fastest-growing technology company in San Diego and Orange Counties, growing 27,489% from 1995 to 2000, according to the Deloitte & Touche Technology Fast 500 survey. He oversaw JNI's initial public offering in October 1999, and has seen JNI become one of the leading players in the storage network industry.
Dr. Wenaas has received widespread recognition for this stewardship as JNI's chairman. In 2001, the Corporate Directors Forum named Dr. Wenaas "Director of the Year for Companies in Transition." The award is given to a corporate director who has contributed to taking a company through changes such as early start-up, mergers, acquisitions, changes in management or in managing other changes to a positive and productive conclusion. He was also one of five San Diego-area business leaders recognized last year by the Ernst & Young "Entrepreneur Of The Year" program, winning the award in the High Technology category over a group of 18 finalists in all five categories.
His retirement from JNI's board is part of Dr. Wenaas' overall plans to scale back his day-to-day business activities. Recently, as CEO of Jaycor Inc., he managed the sale of that company to The Titan Corporation, a San Diego-based company. The sale was completed March 21, 2002.
Stiska has served as a director of JNI since May 2000. He is chairman of Commercial Bridge Capital LLC, a secured bridge loan fund. From February 1996 to February 1998, Stiska served as corporate senior vice president of QUALCOMM Incorporated, and as General Manager of QUALCOMM's Technology Applications Group. Prior to joining QUALCOMM, Stiska was chairman and chief executive officer of Triton Group Ltd. (ASE:TGL) from 1993 to 1996.
Under JNI's corporate bylaws, members of the board of directors elect the chairman. Dr. Wenaas will not stand for re-election when his term expires on May 22. Stiska is expected to be named chairman at the first board of directors meeting following JNI's annual meeting. With the retirement of Dr. Wenaas, the JNI board of directors will have five members, including four outside directors: John Bolger, Tom St. Dennis, Stiska, Sylvia Summers-Dubrevil, as well as Waddington. All are up for re-election to the board on May 22.
About JNI Corporation
JNI Corporation is one of the leading manufacturers of connectivity products for the enterprise data center. JNI offers a broad line of Fibre Channel HBAs, ASICs and software for storage area networks, as well as HCA Modules for InfiniBand. JNI's PCI, SBus and CompactPCI HBAs operate on Solaris, Windows 2000, Windows NT, HP-UX, AIX, Novell, Linux and Mac OS systems. JNI's high availability HBAs and software are certified in single, multi-host and cluster environments for Windows NT and 2000, and Solaris. JNI customers, distributors and strategic partners include Acal FCS, Avid, Bell Microproducts, Brocade, Chaparral, Compaq StorageWorks, Consan, Crossroads, EMC, Eurologic, Gadzoox, GE Access, Hewlett-Packard, Hitachi Data Systems, IBM, Info X, LSI Logic, McDATA, Mellanox Technologies, Nishan Systems, StorageTek, Sun Microsystems, TidalWire, Troika Networks and Veritas. Company headquarters are in San Diego, with offices throughout the U.S. and Europe.
JNI -- enterprising solutions(TM) -- www.jni.com
Forward Looking Statements
With the exception of historical information, the statements set forth above include forward-looking statements (including but not limited to: the effects of the outcome of the proxy vote re-electing the board of directors and the vote of the board of directors for the chairman) that involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks include: the re-election of the current board of directors; the election of Stiska as chairman by the board of directors; and other actions of the shareholders or the company. Other risks are discussed in the company's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.
JNI, JNIC and "enterprising solutions" are trademarks or registered trademarks of JNI Corporation. All other registered trademarks and trademarks are the property of their respective holders.