SAN JOSE, Calif., April 30, 2013 /PRNewswire/ -- Symmetricom,
Inc. (NASDAQ:SYMM), a worldwide leader in precision time and
frequency technologies, announced today that its board of directors
has named Elizabeth A. Fetter as
chief executive officer effective immediately. Ms. Fetter
replaces former chief executive David G.
Cote, who is leaving the company to pursue other
interests. The company also announced that Robert T. Clarkson has stepped down as chairman
of the board of directors and that James
Chiddix has been elected to succeed Mr. Clarkson as
chairman. Mr. Clarkson will remain a member of the board and
will chair the compensation committee. The company further
announced that directors Alfred F.
Boschulte and Richard W.
Oliver have informed the board that they intend to retire
from the board when their current terms end in October 2013.
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"I am honored to have this opportunity to lead Symmetricom,"
said Ms. Fetter. "The company has excellent technology and
products, longstanding relationships with great customers, and a
talented team of employees. I look forward to working with
the senior management team and the board to unlock the growth
potential of the company and improve its profitability."
"We are impressed with Liz's executive leadership abilities and
experience," said Mr. Clarkson, "and Jim
Chiddix has broad business experience and deep technology
expertise. I and the entire board believe they will be able
to provide first-rate leadership to the company, and I am happy to
step aside for Jim as chairman."
"On behalf of the entire Board, we thank Dave Cote for his contributions to the company
over the last several years and wish him well in his future
endeavors," said Mr. Chiddix. "We also thank Al Boschulte and Rick
Oliver for their contributions in the course of their
service to the company as directors, and Bob Clarkson for his leadership of the board
over the last several years. I look forward to working
closely with Liz and the board as she leads the company into a new
phase and builds value for our stockholders in the coming
years."
Ms. Fetter, who has served as a Symmetricom board member since
2002, brings to the CEO role significant executive and leadership
experience. Ms. Fetter served as President and CEO of several
private technology start-up companies over the last few years.
Prior to that, she was President, Chief Executive Officer and
a director of QRS Corporation, a public retail software and
services company which she returned to profitability, and for which
she subsequently led the sale to Inovis Inc. She served as
President, Chief Executive Officer and a director of NorthPoint
Communications Group, Inc., a network services company, from 1999
to 2001. Ms. Fetter previously was Vice President and General
Manager of the Consumer Services Group at U.S. West, Inc. and held
various senior executive positions at Pacific Bell. She is
currently a board member of Quantum Corporation, a data storage
company, and recently retired as chairman of the board of
Alliant International University.
Mr. Chiddix, who has served as a Symmetricom board member since
2007, has broad technology industry experience. He was CEO
and Chairman of OpenTV, a publicly-traded company that provided
cable TV and satellite set-top box software to domestic and
international service providers. Previously, Mr. Chiddix was
Chief Technology Officer for Time Warner Cable and held senior
management posts at the company and its antecedents for nearly
thirty years. In addition to Symmetricom's board, he
currently serves on the boards of Virgin Media Inc., The Arris
Group and Magnum Semiconductor. He has received a number of
cable industry awards for his role in the introduction of new
technologies.
About Symmetricom, Inc.
Symmetricom, Inc. (NASDAQ:SYMM), a world leader in precise time
solutions, sets the world's standard for time. The Company
generates, distributes and applies precise time for the
communications, aerospace/defense, IT infrastructure, power and
metrology industries. Symmetricom's customers, from
communications service providers and network equipment
manufacturers to governments and their suppliers worldwide, are
able to build more reliable networks and systems by using the
Company's advanced timing technologies, atomic clocks, services and
solutions. All products support today's precise timing
standards, including GPS-based timing, IEEE 1588 (PTP), Network
Time Protocol (NTP), Synchronous Ethernet and DOCSIS(R) timing.
Symmetricom is based in San Jose,
California, with offices worldwide. For more information,
visit: http://www.symmetricom.com or join the dialogue at
http://www.twitter.com/symmetricom.
Safe Harbor
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and is subject to the safe harbor created by those
sections. These forward-looking statements include statements
concerning future growth and profitability. The statements in
this press release are made as of the date of this press release,
even if subsequently made available by Symmetricom on its website
or otherwise. Symmetricom expressly disclaims any obligation to
update or revise any forward-looking statement contained herein,
whether as a result of a change in its expectations, a change in
any events, conditions or circumstances on which a forward-looking
statement is based, or otherwise. Symmetricom's actual results
could differ materially from those projected or suggested in these
forward-looking statements. Factors that could cause future
actual results to differ materially from the results projected in
or suggested by such forward-looking statements include, but are
not limited to, the extent and magnitude of customer orders
received and shipped within the same quarter, risks relating to
general economic conditions in the markets we address and the
telecommunications and government markets in general, risks related
to the development of our new products and services, reliance on
our contract manufacturer, the effects of increasing competition
and competitive pricing pressure, uncertainties associated with
changing intellectual property laws or misappropriation of
intellectual property, developments in and expenses related to
litigation, the inability to obtain sufficient amounts of key
components, the rescheduling or cancellation of key customer
orders, the loss of a key customer, the effects of new and emerging
technologies, the risk that excess inventory may result in
write-offs, price erosion and decreased demand, fluctuations in the
rate of exchange of foreign currency, changes in our effective tax
rate, market acceptance of our new products and services,
technological advancements, undetected errors, design flaws,
defects in our products or start-up manufacturing difficulties, the
risks associated with our international sales, potential short-term
investment losses and other risks due to credit market dislocation,
geopolitical risks and risk of terrorist activities, the risks
associated with attempting to integrate other companies and
businesses we acquire, and the risk factors listed from time to
time in Symmetricom's reports filed with the Securities and
Exchange Commission, including the annual report on Form 10-K for
the fiscal year ended July 1, 2012
and subsequent Forms 10-Q and 8-K.
Contact:
Justin
Spencer
Chief Financial Officer
(408) 428-7801
jspencer@symmetricom.com
SOURCE Symmetricom, Inc.