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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Mighty Mizzou who wrote (56444)	10/23/1998 5:30:00 PM
From: H.A.M.	Read Replies (2) \| Respond to of 61433

Ascend Says Ahmed, Head of Main Business, Resigned Alameda, California, Oct. 23 (Bloomberg) -- Ascend Communications Inc. said Hassan Ahmed, who headed the networking equipment maker's biggest division, resigned to be with his family in Canada. The company said President and Chief Executive Mory Ejabat will oversee the Core Systems division, which makes products that direct data on networks. The business accounts for as much as 45 percent of the company's $1.17 billion in annual sales. Ahmed resigned earlier this week, said Ascend spokesman Eric Warren. The departure comes on top of investors' concern that the company won't be repaid some of the money it's lending customers to buy its products. That concern pushed shares down 4 15/16, or 10 percent, to 42 15/16 on Tuesday. ''There have been a lot of negatives in the past week,'' said Craig Johnson, principal of market researcher Pita Group. ''This can't be seen as a positive.'' Ascend shares fell 1/4 to 43 5/8. Ahmed, who joined Ascend when it bought Cascade Communications Corp. for $2.8 billion in June, took over the division when former Cascade Chief Executive Dan Smith left in July. The Core Systems division is based in Westford, Massachusetts. Ascend is based in Alameda, California. 16:46:07 10/23/1998