Attached files
| file | filename |
|---|---|
| 8-K - Sonus, Inc. | mm05-2010_8k.htm |
| EX-10.1 - EX.10.1 - RETENTION LETTER - Sonus, Inc. | mm05-2010_8ke101.htm |
Exhibit
99.1
SONUS
NETWORKS ANNOUNCES CEO SUCCESSION PLAN
Richard Nottenburg
to Remain with Sonus through March 2011
Westford, MA, May 20, 2010 –
Sonus Networks, Inc. (Nasdaq: SONS), a market leader in next generation IP-based
network solutions, today announced that Richard Nottenburg plans to step down as
President and Chief Executive Officer and a director of the Company by the end
of March 2011.
Sonus’ Board will
commence a search process to identify a new CEO. To ensure a smooth
transition, Nottenburg will continue to serve as President, CEO and a director
through March 31, 2011, and will assist the Board in its search
process.
“When I arrived at
Sonus in June 2008, I set forth a clear plan to re-establish the Company's
growth, profitability and market leadership,” said Nottenburg. “Since
then, we have developed and articulated a clear market and product strategy,
re-focused on innovation and new product development, right-sized and realigned
the business, established strong financial footing and strengthened our
management team with key appointments. I am proud of the significant
progress Sonus has made, as demonstrated by our solid financial results and the
recent launch of the NBS-5200, our first product on our next generation
ConnexIP™ platform.
“I
am eager to explore my next challenge, and I believe that with the strong
foundation we have put in place at Sonus, now is the right time to begin
transitioning to new leadership,” continued Nottenburg. “Sonus has a
valuable portfolio of innovative products and solutions, strong customer
relationships and some of the best employees in the business and I am confident
that the Company is solidly positioned for its next phase of growth and
development. I look forward to continuing to lead Sonus until my
successor is named and I am committed to working closely with the Board to help
identify a new CEO and ensure a smooth transition.”
“Sonus’ Board is
unanimous in its belief that Sonus is in the strong and dramatically improved
position it is today as a result of Rich’s leadership,” said Howard Janzen,
Chairman of the Board of Sonus. “Over the last two years, Rich has
implemented a focused strategy, accelerated product introduction, improved
profitability and set the Company on a path to increased shareholder
value. Sonus today has the right plan and an outstanding team of hard
working and dedicated employees in place to help drive the
-1-
Company’s continued
growth and profitability. The Board is committed to conducting a
comprehensive search to identify the right candidate to serve as Sonus’ next
CEO.”
Outlook
Affirmed
The Company today
reconfirmed its full year 2010 outlook, as provided on February 25, 2010 and
reaffirmed on May 4, 2010. Sonus continues to expect to achieve flat
to low single digit percent revenue growth for the year and continues to see the
opportunity to grow NBS product revenues faster than the market. For
2010, gross margin is expected to be within the Company’s longer term target
range of 58% to 62%, and total operating expenses are expected to be in the
range of $142 to $146 million.
-ends-
About
Sonus Networks
Sonus Networks Inc.
is a leader in IP networking with proven expertise in delivering secure,
reliable and scalable next generation infrastructure and subscriber
solutions. With customers in over 50 countries across the globe and
over a decade of experience in transforming networks to IP, Sonus has enabled
service providers and enterprises to capture and retain users and generate
significant ROI. Sonus products include media and signaling gateways,
policy/routing servers, session border controllers and subscriber feature
servers. Sonus products are supported by a global services team with
experience in design, deployment and maintenance of some of the world's largest
and most complex IP networks. For more information visit http://www.sonusnet.com/.
This release may
contain forward-looking statements regarding future events that involve risks
and uncertainties. Readers are cautioned that these forward-looking
statements are only predictions and may differ materially from actual future
events or results. Readers are referred to Item 1A “Risk Factors” of
Sonus’ Annual Report on Form 10-K for the year ended December 31, 2009 and
Quarterly Report filed on Form 10-Q for the quarter ended March 31, 2010, which
identify important risk factors that could cause actual results to differ from
those contained in the forward-looking statements. Any
forward-looking statements represent Sonus’ views only as of today and should
not be relied upon as representing Sonus’ views as of any subsequent
date. While Sonus may elect to update forward-looking statements at
some point, Sonus specifically disclaims any obligation to do so, except as
required by law.
Sonus is a
registered trademark of Sonus Networks, Inc. All other company and
product names may be trademarks of the respective companies with which they are
associated.
For
more information, please contact:
|
Wayne
Pastore
978-614-8291
wpastore@sonusnet.com
|
Fran
Murphy
978-614-8148
fmurphy@sonusnet.com
|
-2-