Westell Technologies Announces Departure of Chief Executive Officer
Former Director Bernard F. Sergesketter Appointed as Interim CEO
AURORA, Ill.--(BUSINESS WIRE)--
Westell Technologies, Inc. (NASDAQ: WSTL), a leading provider of broadband products, gateways and conferencing services, today announced that Thomas E. Mader has resigned as Chief Executive Officer, President and Director of the Company.
Bernard F. Sergesketter, a former director of the Company, has been named Interim Chief Executive Officer until the Company identifies a permanent successor to Mr. Mader. Mr. Sergesketter served as a director of Westell from 2000 through his retirement from the Board in September 2007. Prior to that time, Mr. Sergesketter served as a director of Teltrend Inc. from 1996 through 2000 when Teltrend was acquired by Westell. Additionally, Mr. Sergesketter maintained an illustrious 35-year career with AT&T, and served as an officer of AT&T for 18 years when the company transitioned from an internally focused domestic monopoly to an aggressive global competitor.
"Westell appreciates the leadership Tom provided in product development and manufacturing cost reductions," stated John W. Seazholtz, Chairman of the Board. "We are pleased that a veteran of the telecommunications industry such as Bernie has agreed to assume the role of interim CEO as the Company conducts its search for the individual to lead the next phase of growth at Westell."
Westell Technologies, Inc., headquartered in Aurora, Illinois, is a holding company for Westell, Inc. and ConferencePlus, Inc. Westell, Inc. designs and develops broadband telecommunications access products. ConferencePlus, Inc. is a collaborative Application Service Provider that manages and hosts voice, video, IP applications and back-office services. Additional information can be obtained by visiting Westell's Web site at www.westell.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act 1995:
Certain statements contained herein that are not historical facts or that contain the words "believe", "expect", "intend", "anticipate", "estimate", "may", "will", "should", or derivatives thereof and other words of similar meanings 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, need for financing, an economic downturn in the U.S. economy and telecom market, the impact of competitive products or technologies, competitive pricing pressures, 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 effect of Westell's accounting policies, the need for additional capital, the effect of economic conditions and trade, legal social and economic risks (such as import, licensing and trade restrictions) and other risks more fully described in the Company's Form 10-K for the fiscal year ended March 31, 2008 under the section 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.
Source: Westell Technologies, Inc.
Released July 8, 2008