DZS Announces Management Transition in Connection with Anniversary of Merger
(Thomson Reuters ONE) -
Contacts
DASAN Zhone Investor Relations: DASAN Zhone Public Relations:
Tel: +1 510.777.7013 Tel: +1 760.814.8194
Fax: +1 510.777.7001 E: carla.vallone(at)portavocepr.com
E: investor-relations(at)dasanzhone.com
Oakland, Calif., Sept. 11, 2017 - DASAN Zhone Solutions, Inc. (DZS, formerly
known as Zhone Technologies, Inc.) (NASDAQ: DZSI), a global leader in fiber
access transformation for enterprise and service provider networks, today
announced management transition changes in connection with the first anniversary
of the merger with Dasan Network Solutions, Inc. (DNS), and the progress
successfully attained in the integration of the businesses of legacy Zhone and
DNS.
The legacy Zhone senior management team of James Norrod and Kirk Misaka have
been serving as Co-Chief Executive Officer and Chief Financial Officer,
respectively, under one-year employment agreements to ensure a smooth transition
and integration of the businesses of legacy Zhone and DNS. Given the successful
integration over the past year, the Board of Directors of DZS has agreed with
Messrs. Norrod and Misaka that they will step down from these positions on
September 11, 2017. "A year ago, we knew that the merger could create
significant potential value," stated James Norrod. "Today, we are pleased to
see that potential converted into reality through the adoption of best
practices, successful integration of our complementary products and the cross
selling of those products to our complementary customers. With the successful
integration of our businesses, we are seeing improved financial performance led
by stronger than expected revenue growth."
Il Yung Kim, who, together with Mr. Norrod, has served as Co-Chief Executive
Officer of DZS since the merger, will continue to serve as the Chief Executive
Officer of DZS and has been appointed Acting Chief Financial Officer pending the
appointment of a successor Chief Financial Officer, effective September
11, 2017. "The successful merger and integration of our two great companies was
accomplished by the leadership of these two individuals," stated Yung Kim. "We
are now fully prepared to compete successfully as a unified and stronger company
going forward."
DZS also announced that Richard Kramlich has resigned from the Board of
Directors of DZS, effective as of September 11, 2017, to focus on his many other
business endeavors. Mr. Kramlich has served as a member of the Board of legacy
Zhone since its inception in 1999, and the Board would like to thank Mr.
Kramlich for his tremendous service to the company. "Dick was a founding
investor in Zhone and through the years provided the Company with invaluable
leadership and support," stated James Norrod. "He brought me on board in 2014
to find a strategic partner that could help the Company compete over the next
twenty years. Together, we found a great solution and now leave the combined
Company with a bright future ahead of it."
About DASAN Zhone
DASAN Zhone Solutions, Inc. is a global leader in broad-based network access
solutions. The company provides solutions in five major product areas including
broadband access, Ethernet switching, mobile backhaul, passive optical LAN (POL)
and software defined networks (SDN). More than 750 of the world's most
innovative network operators, service providers and enterprises turn to DASAN
Zhone Solutions for fiber access transformation. DASAN Zhone Solutions is
committed to building the fastest and highest quality All IP Multi-Service
solution for its customers. DASAN Zhone Solutions is headquartered in Oakland,
California.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DASAN Zhone Solutions, Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 11.09.2017 - 22:15 Uhr
Sprache: Deutsch
News-ID 559490
Anzahl Zeichen: 4479
contact information:
Town:
Oakland, California
Kategorie:
Business News
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"DZS Announces Management Transition in Connection with Anniversary of Merger"
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