InPlay:
9:22AM Harris Stratex announces departure of Chief Operating Officer (HSTX) 15.69 : Co announces that that Thomas Waechter, COO, has resigned effective June 7.
Comment:
As I recall, Tom got a big pile of options when he joined STXN that were scheduled to vest over a period of years. But when the merger happened, all those options vested immediately. Now, just a few months after the merger, he walks away with all those options. As a shareholder, I feel that he's taken advantage of me... and the directors have allowed this. I do not feel that Tom did very much during his brief tenure with the company... other than arrange a merger. Was Tom motivated to conclude a merger by his options? Could this aspect of his compensation have been better aligned with shareholder interests? Certainly I understand that Tom wants the share price to rise (so all those options are worth more)... so his compensation isn't entirely at odds with shareholder interests... but it seems to me that Tom might have traded a little less growth in STXN shareholder value for immediate vesting.
Rob
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Harris Stratex Networks Announces Departure of Chief Operating Officer
Friday May 25, 9:22 am ET
RESEARCH TRIANGLE PARK, N.C., May 25 /PRNewswire-FirstCall/ -- Harris Stratex Networks, Inc. (Nasdaq: HSTX), the leading independent supplier of turnkey wireless network solutions, today announced that Thomas Waechter, Chief Operating Officer, has resigned effective June 7.
"At Stratex Networks, in the Chief Executive Officer position, Tom played a pivotal role in effecting changes that resulted in improved services delivered to both customers and partners as well as improved overall financial performance. At Harris Stratex Networks, which resulted from the merger of Stratex Networks and the Microwave Communications Division of Harris Corporation in January of this year, Tom helped bring the two organizations together to build a strong team and has had a significant role in setting the future course of the organization," said Guy Campbell, President and Chief Executive Officer of Harris Stratex Networks. "We thank Tom for his contributions and wish him well in his future endeavors."
"Working with Guy and the rest of the management team at Harris Stratex Networks to realize a merger that resulted in the leading independent pure- play wireless technology company has been an incredible opportunity and achievement," said Tom Waechter. "The company's unmatched product portfolio, breadth of solutions and end-to-end field services have resulted in a more highly competitive company."
As a result of the change in management structure, sales, marketing and all operating functions will report directly to Guy Campbell. The company anticipates that it will hire a head of international sales and will commence the search process both internally and externally. |
