Press release from Marketwire
Vecima Announces Planned Succession and New Board Member
Monday, June 24, 2013
Vecima Announces Planned Succession and New Board Member20:30 EDT Monday, June 24, 2013
VICTORIA, BRITISH COLUMBIA--(Marketwired - June 24, 2013) - The Board of Directors of Vecima Networks Inc. ("Vecima" or "the Company") (TSX:VCM) today announced the appointment of Mr. Sumit Kumar as CEO of the company effective August 1, 2013. Sumit has been with Vecima since 1995 in various roles of increasing responsibility, including as Vice President, Corporate Strategy from 2006 to 2009, Executive Vice President from 2009 to 2011, and President since 2011. This appointment completes a multi-year process of succession planning and preparation for the retirement of the company's current CEO, Dr. Surinder Kumar. Surinder will remain as non-executive Chairman of the Board.
The Company's COO, Dr. Hugh Wood, has announced his intention to retire at the end of July. Hugh has been working a reduced schedule for the past few years. Over time, his day-to-day responsibilities have been transferred to Marshall Sali - Senior Vice President, Operations. Mr. Sali has been with Vecima in the role of Director of Operations from 2008 to 2009 and as Senior Vice President, Operations since 2009. Dr. Wood will continue on as a member of the Board of Directors.
In addition to these management changes, the Company is pleased to announce the appointment of Dean Rockwell to its Board of Directors. Mr. Rockwell is an experienced leader of technology-intensive businesses and has a solid track record with over 23 years of experience in the areas of general management, sales & marketing, product management, research and development, and operations. Dean is currently the CEO of In Motion Technology. Before joining In Motion Technology, he was COO of Pulse Energy, CEO of the British Columbia Innovation Council (BCIC) and Vice President and General Manager of the worldwide Digital Media Networks business unit within Cisco Systems based in Atlanta, Georgia.
About Vecima Networks
Vecima Networks Inc. (TSX:VCM) designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks. Vecima's hardware products incorporate original embedded software to meet the complex requirements of next-generation, high-speed digital networks. Service providers use Vecima's solutions to deliver services to a converging worldwide broadband market, including what are commonly known as "triple play" (voice, video and data) and "quadruple play" (voice, video, data and wireless) services. Vecima's solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end users, commonly referred to as "the last mile", by overcoming the bottleneck resulting from insufficient carrying capacity in legacy, last mile infrastructures. Vecima's products are directed at two principal markets: Converged Wired Solutions and Broadband Wireless. The Company has also developed and continues to focus on developing products to address emerging markets such as Voice over Internet Protocol, fibre to the home and IP video. More information is available at our website at www.vecima.com.
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Vecima Networks Inc.