Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Corel Corp. -- Ignore unavailable to you. Want to Upgrade?

To: Vanni Resta who wrote (4243)	1/6/1998 11:29:00 AM
From: Mr. Bean	Respond to of 9798

New position will open up for Cowpie - his old job! canoe.ca Mitel CEO set to step down By JILL VARDY Technology Reporter The Financial Post OTTAWA -- Mitel Corp. will lose its president and chief executive when John Millard retires later this year. Millard, who has led the telecommunications equipment company since 1993, said in a statement yesterday it is time to retire and "hand the reins over to a new CEO who will lead Mitel through its next phase of growth." Although a replacement has not been announced, the new CEO will likely be Kirk Mandy, vice-president and general manager of Mitel's semiconductor division. "Kirk Mandy is the obvious heir apparent," said Duncan Stewart, partner at technology investment firm Tera Capital Corp. "He comes from the semiconductor division, which is the fastest growing part of Mitel, and he is well regarded by the investment community as a capable high-growth manager." Mandy is credited with turning the semiconductor unit from a losing department, considered for sale, into Mitel's profit engine. It has grown in revenue to $221 million in fiscal 1997 from $37 million five years ago, a compound annual growth rate of 37%. Millard, 59, who will continue to serve as a director, is credited with helping put Mitel on a firm financial basis over the past five years. But the company struggled earlier this year while it waited for the semiconductor market to strengthen and its computer-telephone integration products to begin making money. Things now look bright for Mitel, which beat analysts' estimates with a 22% jump in sales in its second quarter ended Sept. 26. It reported net income of $23.3 million (21› a share) on revenue of $205 million. Mitel shares (MLT/TSE) closed yesterday at $11.60, up 30›.