Comverse Technology Announces CEO Transition
February 28 2011 - 7:37AM
Comverse Technology, Inc. (Pink Sheets:CMVT) today announced that
Charles Burdick, the company's current non-executive Chairman of
the Board, has been appointed Chief Executive Officer, replacing
Andre Dahan, who will be resigning as President and Chief Executive
Officer and as a director effective March 4, 2011. Mr. Dahan will
remain with the company for a period of 90 days as a consultant
with such duties as agreed with the Chairman and CEO.
Mr. Burdick will continue as Chairman of the Board and
Augustus K. Oliver, an independent member of the Board, has
been appointed as lead director.
"The Comverse Board appreciates Andre's leadership under
extenuating circumstances and feels it is important to transition
the leadership to meet the challenges and opportunities to come,"
said Mr. Burdick. "Andre's dedication and focus on both the
business and the restatement challenges has been unparalleled and
we thank him immensely. As CEO, my priorities will be to meet
the needs of our customers and enhance shareholder value. I am
excited about the next phase of the company's development and,
together with the executive management team, look forward to
focusing Comverse on leadership in the exciting world of BSS and
value-added services while leveraging the growth in mobile
data."
"With the recent filing of our 2009 financial results and having
addressed our near term liquidity needs, it is the right time to
step aside and allow for new leadership to take the Company to its
next step," stated Mr. Dahan. "I will be spending the next
several months assisting in the transition. We have
taken many steps to reduce our cost base and reposition the company
and I am confident that we have the right team, market leadership,
and product positioning to ensure Comverse's success going
forward."
About Comverse Technology, Inc.
Comverse Technology, Inc., through its wholly-owned subsidiary
Comverse, is the world's leading provider of software and
systems enabling converged billing and active customer
management and value-added voice, messaging and mobile Internet
services. Comverse's extensive customer base spans more than 125
countries and covers over 450 communication service providers
serving more than two billion subscribers. Comverse Technology
also holds majority ownership positions in Verint Systems Inc.
(Nasdaq:VRNT) and privately-held Starhome.
The Comverse Technology logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7454
Statements included or incorporated by reference in this press
release may contain "forward-looking statements." There can be no
assurance that any forward-looking statements will be achieved, and
actual results could differ materially from forecasts and
estimates. Important factors that could affect the company include
the risks described in the section entitled "Forward-Looking
Statements" Item 1A, "Risk Factors" and elsewhere in the company's
Annual Report on Form 10-K for the fiscal year ended January 31,
2010 filed with the SEC on January 25, 2011 or in subsequently
filed periodic, current or other reports. The company undertakes no
commitment to update or revise forward-looking statements except as
required by law.
CONTACT: Paul D. Baker
Comverse Technology, Inc.
paul.baker@cmvt.com
(212) 739-1060
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