Network Equipment Technologies (NWK) CEO Nicholas Keating Retires; CFO Wagenseller to Assume
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Network Equipment Technologies, Inc. (Nasdaq: NWK), reports that Nicholas Keating has retired as President and CEO. The company's Board of Directors has named David Wagenseller, currently CFO, to serve as acting President and CEO. Karen Carte, currently Vice President and Chief Accounting Officer, will assume responsibilities as acting CFO in addition to her current duties. The actions will be effective April 2, 2012. Keating will remain on the Board and will provide advisory consulting services to the company.
Under a broad restructuring plan announced on January 5, 2012, the company has been seeking to reduce expenses in order to preserve capital resources and accelerate a return to break-even operations. This effort has included targeted reductions in the company's global workforce, including the elimination of 40 positions earlier in the current quarter. Together with additional actions taken presently, the company's headcount has been reduced by approximately 90 employees as compared to the beginning of the year, which is beyond the initial reduction target established in January. As a result, the company currently estimates that it will incur restructuring charges during the quarter for severance and termination benefits of up to $1.6 million. In addition to the restructuring plan, the company continues to explore alternatives such as strategic transactions or otherwise adding to its capital resources.
Under a broad restructuring plan announced on January 5, 2012, the company has been seeking to reduce expenses in order to preserve capital resources and accelerate a return to break-even operations. This effort has included targeted reductions in the company's global workforce, including the elimination of 40 positions earlier in the current quarter. Together with additional actions taken presently, the company's headcount has been reduced by approximately 90 employees as compared to the beginning of the year, which is beyond the initial reduction target established in January. As a result, the company currently estimates that it will incur restructuring charges during the quarter for severance and termination benefits of up to $1.6 million. In addition to the restructuring plan, the company continues to explore alternatives such as strategic transactions or otherwise adding to its capital resources.
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