Westell Technologies Announces Leadership and Board Transition
September 27 2016 - 9:00AM
Business Wire
Kirk R. Brannock appointed Interim Chief
Executive Officer; Dennis O. Harris named Interim Chairman of the
Board
Westell Technologies, Inc. (NASDAQ: WSTL), a leading provider of
high-performance wireless infrastructure solutions, today announced
that its Board of Directors has appointed Kirk R. Brannock as
Interim President and Chief Executive Officer. The Company also
announced that Dennis O. Harris, a Director of the Company since
January 2010, has been appointed interim Chairman of the Board.
Mr. Harris and Thomas P. Minichiello, Westell’s Senior Vice
President, Chief Financial Officer, Treasurer and Secretary, will
help execute interim executive leadership duties until Mr. Brannock
joins the Company on October 17, 2016. Mr. Brannock succeeds J.
Thomas Gruenwald, whose last day with the Company was September 26,
2016. The Board plans to initiate a search for a permanent CEO,
likely retaining an executive search firm, with such search
expected to be completed within the next six months.
Mr. Brannock, age 58, served as a member of Westell’s Board of
Directors from February 2011 to September 2014. He retired in 2010
from his position as Senior Vice President — Ethernet Deployment at
AT&T, a leading provider of voice, video, data and broadband
delivery services, after a career spanning more than 30 years.
Previously Mr. Brannock served in leadership positions at AT&T,
Ameritech and SBC, including Senior Vice President — AT&T
National Installation & Maintenance and President —
SBC/Ameritech Midwest Network Services.
“Westell’s Board of Directors is pleased that Kirk has accepted
the role of interim Chief Executive Officer and President,” said
Mr. Harris. “His leadership qualities and industry experience make
him an excellent choice to continue the momentum we’ve achieved in
executing our cost reduction plan, which is succeeding in
positioning the Company to more quickly return to profitability and
generate stockholder value.”
Over the course of his career, Mr. Brannock has demonstrated
excellence in business office operations, human resources, central
office operations, installation, maintenance, construction,
engineering, labor relations and systems planning. He was actively
involved on the boards of two not-for-profit organizations,
DayOneNetwork and the Chicago Area Council of the Boy Scouts of
America.
“I look forward to providing guidance to Westell’s leadership
team and employees as they build upon the company’s position as a
trusted provider of telecommunications equipment,” said Mr.
Brannock. “The Company is executing a well-conceived plan to reduce
its operating cost structure, and I look forward to directing the
plan’s continued implementation as well as focusing on the
company’s sales and product development initiatives.”
About Westell Technologies
Westell is a leading provider of high-performance wireless
infrastructure solutions focused on innovation and differentiation
at the edge of communication networks where end users connect. The
Company's comprehensive set of products and solutions enable
service providers and network operators to improve performance and
reduce operating expenses. With millions of products successfully
deployed worldwide, Westell is a trusted partner for transforming
networks into high quality, reliable systems. For more information,
please visit www.westell.com.
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995
Certain statements contained herein that are not historical
facts or that contain the words “believe,” “expect,” “intend,”
“anticipate,” “estimate,” “may,” “will,” “plan,” “should,” or
derivatives thereof and other words of similar meaning are
forward-looking statements that involve risks and uncertainties.
Actual results may differ materially from those expressed in or
implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, product demand and market acceptance risks, customer
spending patterns, need for financing and capital, economic
weakness in the United States (“U.S.”) economy and
telecommunications market, the effect of international economic
conditions and trade, legal, social and economic risks (such as
import, licensing and trade restrictions), the impact of
competitive products or technologies, competitive pricing
pressures, customer product selection decisions, product cost
increases, component supply shortages, new product development,
excess and obsolete inventory, commercialization and technological
delays or difficulties (including delays or difficulties in
developing, producing, testing and selling new products and
technologies), the ability to successfully consolidate and
rationalize operations, the ability to successfully identify,
acquire and integrate acquisitions, the effect of the Company's
accounting policies, retention of key personnel and other risks
more fully described in the Company's SEC filings, including the
Form 10-K for the fiscal year ended March 31, 2016, under
Item 1A - Risk Factors. The Company undertakes no obligation
to publicly update these forward-looking statements to reflect
current events or circumstances after the date hereof, or to
reflect the occurrence of unanticipated events, or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160927005518/en/
Westell TechnologiesTom MinichielloSenior Vice President, Chief
Financial Officer, Treasurer, and
Secretary630-375-4740tminichiello@westell.com
Westell Technologies (NASDAQ:WSTL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Westell Technologies (NASDAQ:WSTL)
Historical Stock Chart
From Apr 2023 to Apr 2024