Home-boy to head Cabletron -Piush Patel to replace Benson as CEO & Chairman.
Ratan:
Have you heard the news?
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Cabletron Systems' Benson Resigns as CEO and Chairman; Patel Replaces Him
By John Shinal
Rochester, New Hampshire, June 4 (Bloomberg) -- Cabletron
Systems Inc. Chief Executive Craig Benson resigned from the No. 4
computer-networking company and said Piyush Patel will replace
him, after a two-thirds plunge in the company's share price
during the past two years.
Patel, 43, a veteran of Intel Corp. and Sun Microsystems
Inc., joined Cabletron when the company bought startup computer-
switch maker Yago Systems Inc. in March 1998. Benson, 44, who co-
founded Cabletron in 1983 and was also its chairman and
president, will remain a director.
''I want what's best for Cabletron in the long run and I
think he's better able to lead the company,'' Benson said in an
interview. He said he approached the board and suggested Patel,
senior vice president of engineering, as his replacement.
Rochester, New Hampshire-based Cabletron was a top maker of
networking hubs that were the best-selling product for linking
computers in corporate networks earlier this decade. However, it
was late to market with newer technologies and has seen sales and
profit erode in the past two years.......
quote.bloomberg.com |
