More news . . . Trimble staying on . . . buyback suspended . . . VP Sorden out:
Trimble Names Charles Trimble as Vice
Chairman
PR Newswire - August 20, 1998 17:31
Company Also Announces Jim Sorden Resignation; Suspends Stock
Buyback
SUNNYVALE, Calif., Aug. 20 /PRNewswire/ -- The board of directors
of Trimble Navigation Ltd. (Nasdaq: TRMB) announced today the
appointment of Charles Trimble as vice chairman of the board. In addition,
the board has asked Mr. Trimble to continue serving as chairman of the
United States Global Positioning System Industry Council and to maintain a
strategic role in the national and international development of GPS.
"We're glad that Charlie will continue to take an active role in the company
and industry he helped create. He will continue to be an asset as the
company and industry move forward," said Dr. Bradford Parkinson, the
company's acting president and chief executive officer.
In addition, the board announced the resignation of Jim Sorden, executive
vice president for commercial systems. Sorden, who has held various
executive positions with Trimble since 1987, will serve as a consultant to the
company.
"For more than a decade, Jim has played a key role in the success of
Trimble and helping establish the company's leadership in several markets.
We greatly appreciate his many accomplishments," said Parkinson, who will
assume Sorden's responsibilities.
Finally, the board announced suspension of the stock repurchase program
that had been approved on Aug. 11. The program had authorized the
buyback of up to one million shares over time.
* * *
Maybe Charlie Trimble refused to fire Sorden. This all has the feel of something happening in a crisis atmosphere. Why wouldn't this have been part of the initial a.m. PR?
David
PS: J. Saf: Feeling better now?
PPS: Arun: Takeover less likely? |
