Microdyne Announces New Outsourcing Subsidiary President President's Focus to Accelerate Internal Growth And Target Complementary Acquisitions
ALEXANDRIA, Va., July 13 /PRNewswire/ -- Microdyne Corporation (Nasdaq: MCDY - news) today announced that John M. Oakes has been appointed president of its wholly owned subsidiary, Microdyne Outsourcing, Inc. (MOI). Oakes formerly was president and chief executive officer of Teleserv Corporation, a private provider of outsourced customer service to major U.S. corporations. Oakes replaces Christopher Maginniss, who will assume a short-term consulting role for Microdyne Corporation.
According to Michael Jalbert, Microdyne's president and chief executive officer, ''The notable results of our turnaround effort this past year have included the strong growth of Microdyne and the formation of a new subsidiary to expand our outsourcing business. The addition of a seasoned veteran like John Oakes gives us the ability to grow what has essentially been a large, successful project for one customer into a sustainable business in which we can become a major player.''
He notes, ''We believe that to build shareholder value, we need to nurture both our outsourcing and our communications businesses, and John Oakes' reputation and skills will be an important asset as we grow Microdyne Outsourcing, Inc.''
Concludes Jalbert: ''Our plan going forward is to reduce MOI's reliance on one customer by aggressively stepping up our marketing efforts to a number of potential clients and by selective acquisitions that will expand both our customer base and the range of services offered. I'm confident that John Oakes has the talent and background to build our leadership position in the outsourcing market.''
John Oakes has 25 years of experience and has worked in both the financial services and outsourcing businesses. Prior to joining Teleserve in 1991, Oakes was a director of The Bankhouse Exchange, which provided management and financial support to emerging technology companies. He holds a B.S. degree from Georgetown University. |
