SPEEDCOM founder resigns

Michael McKinney, founder, chairman and CEO of SPEEDCOM Wireless, a multinational fixed wireless broadband company, has quit the firm.

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By  Richard Brown Published  June 11, 2002

Sarasota, Florida-based SPEEDCOM has operations in Sao Paulo, Mexico City, Singapore, and Shanghai. McKinney cited other business interests for his decision to resign. He will remain a substantial shareholder and a consultant to the company.

William Davis, a 28-year telecommunications industry veteran and former VP of worldwide sales at SPEEDCOM was named president and chief operating officer.

McKinney founded SPEEDCOM in 1994 having worked as an executive with AT&T and NCR Corporation. SPEEDCOM became a public corporation in the fall of 2000 and moved from the OTC Bulletin Board to the Nasdaq SmallCap Market in February 2001.

The company suffered a 50% slump in Q1 revenues to March 31 2002 compared with the previous quarter’s sales, while its reported net loss doubled over the same period. Last month the company announced it had received a $1 million secured loan from institutional investors.

Announcing his departure, McKinney stated: “I have devoted the last eight years to creating and executing the strategy that forms the foundation for SPEEDCOM's future growth and success. As part of these efforts, I have developed a strong and motivated management team that will provide the backbone and support for the new management team.”

SPEEDCOM builds broadband wireless products, notably its SPEEDLAN family of wireless Ethernet routers. Its last mile wireless connectivity products are used by broadband internet service providers, telecommunication operators, and private organisations in 60 countries.

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