Tenth paragraph, second sentence conferernce call number should
be 1-888-206-4065 (instead of 1-888-206-4064.).
The corrected release reads:
WESTELL TECHNOLOGIES APPOINTS J. THOMAS
GRUENWALD AS CHIEF EXECUTIVE OFFICER
Westell Technologies, Inc. (NASDAQ: WSTL), a leading provider of
in-building wireless, intelligent site management, cell site
optimization, and outside plant solutions, today announced that its
Board of Directors has appointed J. Thomas Gruenwald as the
Company’s President and Chief Executive Officer, effective
immediately. He succeeds Rick Gilbert, who has left the Company and
board.
Mr. Gruenwald, 66, has served as a member of the Company’s Board
of Directors since October 2013 and as Lead Independent Director
since December 2014. He has three decades of experience leading
dynamic, technology-based growth businesses in the global
telecommunications market.
Mr. Gruenwald will continue as a director of the Company, but
will no longer serve as a member of the Company’s Compensation
Committee.
Mr. Gruenwald said, “Westell has all the ingredients for
long-term, sustainable growth - great people, quality products and
valued customers. Our opportunity now is to shape our business to
better leverage these strengths through a renewed focus on
execution, operations and expanding our market presence. As we
begin the next chapter of our business story, Westell is committed
to growing revenue, driving operational excellence, investing in
quality products, and serving as a trusted partner to both domestic
and international service providers.”
Mr. Gruenwald, who earned a Ph.D. in Theoretical Elementary
Particle Physics from Purdue University, taught Physics and
Astronomy at the University of Portland, Oregon. He then began his
business career in switching systems development at AT&T Bell
Laboratories before moving to Tellabs, a multi-billion dollar
designer and manufacturer of telecommunications systems. There, he
held successive senior executive positions during his 16-year
tenure including CTO, Executive Vice President of the Broadband
Networking division, CIO, and Vice President of Human Resources and
Quality Systems.
Eileen Kamerick, a member of Westell’s Board of Directors, said,
“As a proven business leader, telecommunications veteran and
operating strategist with deep turnaround experience and technical
expertise, our board believes Tom is the right person, with the
right experience and vision to drive Westell’s future success.”
“Our Board of Directors would like to thank Rick Gilbert for his
leadership, guidance and contributions over the last five years,
and wish him the very best in his future endeavors,” Ms. Kamerick
added.
After leaving Tellabs in 2007, Mr. Gruenwald served as the
Managing Partner at the Global Sentry Group, LLC, a strategic
advisory and turnaround firm specializing in small and mid-sized
companies.
Mr. Gruenwald served on the Board of Spectrum Control (SPEC)
from 1999 until 2011 when it was acquired. He was also Board
Chairman for Edward Hospital, a billion-dollar regional health care
facility, and served on other not-for-profit boards including Iowa
State’s Engineering Advisory Council, Illinois Institute of
Technology Board, North Central College Board of Trustees and Girl
Scouts of DuPage County Board.
Conference Call with
Investors
The Company will hold a conference call at 9 a.m. CT today -
Wednesday, February 11 - to discuss the announcement with investors
and analysts. Participants can register online in advance of the
conference call by going to the URL: http://www.conferenceplus.com/westell. After
registering, participants receive dial-in numbers, a passcode, and
a personal identification number (PIN) that is used to uniquely
identify their presence and automatically join them into the audio
conference. If a participant does not wish to register, he or she
can participate in the call on February 11, by dialing
1-888-206-4065 no later than 8:45 a.m. CT (9:45 a.m. ET) and using
confirmation number 38990854.
This news release and related information that may be discussed
on the conference call will be posted on the Press Releases section
of Westell's website: www.westell.com. An archive of the entire
call will be available on the site via Digital Audio Replay by
approximately 1:00 PM Eastern Time after the call ends. The replay
of the conference also may be accessed by dialing +1 (888) 843-7419
or +1 (630) 652-3042 and entering 8865 834#.
About Westell
Technologies
Westell Technologies, Inc., headquartered in Aurora, Illinois,
is a leading provider of in-building wireless, intelligent site
management, cell site optimization, and outside plant solutions
focused on innovation and differentiation at the edge of
telecommunication networks, where end users connect. The Company’s
comprehensive set of products and solutions enable
telecommunication service providers, cell tower operators, and
other network operators to reduce operating costs and improve
network performance. With millions of products successfully
deployed worldwide, Westell is a trusted partner for transforming
networks into high quality, reliable systems. For more information,
please visit www.westell.com.
“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995
Certain statements contained herein that are not historical
facts or that contain the words “believe,” “expect,” “intend,”
“anticipate,” “estimate,” “may,” “will,” “plan,” “should,” or
derivatives thereof and other words of similar meaning are
forward-looking statements that involve risks and uncertainties.
Actual results may differ materially from those expressed in or
implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, product demand and market acceptance risks, customer
spending patterns, need for financing and capital, economic
weakness in the United States (“U.S.”) economy and
telecommunications market, the effect of international economic
conditions and trade, legal, social and economic risks (such as
import, licensing and trade restrictions), the impact of
competitive products or technologies, competitive pricing
pressures, customer product selection decisions, product cost
increases, component supply shortages, new product development,
excess and obsolete inventory, commercialization and technological
delays or difficulties (including delays or difficulties in
developing, producing, testing and selling new products and
technologies), the ability to successfully consolidate and
rationalize operations, the ability to successfully identify,
acquire and integrate acquisitions, the effect of the Company's
accounting policies, retention of key personnel and other risks
more fully described in the Company's SEC filings, including the
Form 10-K for the fiscal year ended March 31, 2014, under Item 1A -
Risk Factors. The Company undertakes no obligation to publicly
update these forward-looking statements to reflect current events
or circumstances after the date hereof, or to reflect the
occurrence of unanticipated events, or otherwise.
Investors:Westell Technologies, Inc.Tom MinichielloChief
Financial Officer+1 (630) 375
4740tminichiello@westell.com
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