3Com Corporation announced that its President and Chief Executive Officer, Bruce Claflin, will retire at the conclusion of an executive search for a replacement, which currently is underway. Claflin's retirement is consistent with a succession plan agreed to with the 3Com Board of Directors.
Claflin is an active participant in the search for a new CEO, which is being run by a committee of independent directors of the Board. Once a CEO is appointed, Claflin will act as a senior advisor to the new CEO and the Board for six months to help ensure a smooth transition of leadership for our partners, customers and employees. Claflin's successor will assume his position on the 3Com Board and as Chairman of Huawei-3Com.
The company also reconfirmed its plan to reach a breakeven model, before restructuring and amortization expenses, in its fiscal quarter ending February 2007.
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