PictureTel Chairman Dr. Norman E. Gaut Retires; Board Elects CEO Bruce R. Bond as New Chairman
PR Newswire - June 17, 1998 16:18
ANDOVER, Mass., June 17 /PRNewswire/ -- PictureTel Corporation (Nasdaq: PCTL), the world leader in visual collaboration, today announced that Dr. Norman E. Gaut has retired as chairman of the company's board of directors. To succeed Dr. Gaut, the board elected Bruce R. Bond, PictureTel's president and chief executive officer, as its new chairman.
Dr. Gaut will continue to serve on the board, as he has since PictureTel's inception in 1984. He became president and CEO in 1986 and chairman of the board in 1987. Dr. Gaut's retirement from day-to-day involvement with the company is the culmination of a succession plan begun when Mr. Bond became president and CEO in February 1998.
"It has been the highlight of my career to serve PictureTel from the very beginning, when we had no products or revenue, through today, when we are the clear leader in the exciting world of visual collaboration," said Dr. Gaut. "It won't be easy for me to step away from the company and people that have been such a big part of my life for so many years. But I leave confident that Bruce Bond is the right person to lead PictureTel to even greater success in the future."
Prior to joining PictureTel, Mr. Bond was chief executive officer of ANS Communications, the networking subsidiary of America Online, Inc., which is now part of WorldCom, Inc. Previously he was a senior executive with British Telecom, a corporate vice president with US West, and an executive at AT&T, where he began his career.
"Succeeding Norman Gaut as chairman of PictureTel is an honor and a responsibility," said Mr. Bond. "Norman not only built this company into the industry leader, he also was a driving force in helping the entire videoconferencing industry take root around the world. I look forward to continuing PictureTel's tradition of delivering innovative products and services that bring the powerful benefits of visual collaboration to a growing base of more than 11,000 PictureTel customers worldwide."
PictureTel Corporation is the world leader in developing, manufacturing and marketing a full range of visual and audio collaboration solutions. The company's systems meet customers' collaboration needs from the desktop to the boardroom. PictureTel also markets network conferencing servers and a comprehensive portfolio of enterprise-wide services. Additional PictureTel information is available on the Internet at www.picturetel.com. PictureTel collaboration products and services eliminate the barrier of distance, enabling people to be Anywhere Now(TM).
PictureTel is a registered trademark and Anywhere Now is a trademark of PictureTel Corporation.
Other brands or products are trademarks or registered trademarks of their respective owners.
SOURCE PictureTel Corporation
/CONTACT: Kevin Flanagan of PictureTel Corporation, 978-292-5178,
flanagank@pictel.com/
/Web site: picturetel.com
|
