3Com names Masri as CEO

3Com has named Edgar Masri as its new CEO after the surprise decision of current CEO Scott Murray to resign just seven months after taking on the top job at the networking vendor. Simultaneously, 3Com has also announced that it has initiated discussions to increase its ownership stake in its China-based joint venture with Huawei.

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By  Stuart Wilson Published  August 10, 2006

3Com has named Edgar Masri as its new CEO after the surprise decision of current CEO Scott Murray to resign just seven months after taking on the top job at the networking vendor. Simultaneously, 3Com has also announced that it has initiated discussions to increase its ownership stake in its China-based joint venture with Huawei. “Our joint venture in China is a growing and profitable enterprise that we believe can be an important cornerstone of 3Com’s future,” said Eric Benhamou, chairman at 3Com. “We intend to negotiate a mutually beneficial agreements that increases 3Com’s stake in Huwaei-3Com (H-3C) and promotes H-3C’s continued success.” 3Com currently owns 51% of H-3C and will now begin negotiations with Huawei to increase this stake. Under the terms of existing agreements, each party has the right, commencing on November 15th, to initiate a bid process to purchase the equity interest in H-3C held by the other. Benhamou added: “After gaining additional insight into the significant time commitment and attention necessary to successfully manage H-3C, Scott Murray advised the Board that, with his young family, he was not able to commit to the extended time in China the venture requires. He therefore believes it is in 3Com’s best interest for him to resign at this time, before negotiations begin. The Board respects his decision and thanks Scott for taking steps to bring the company closer to profitability.” Masri is set to join 3Com on August 18th leaving his current position of chief operating officer at broadband technology outfit Redline Communications. In addition to his role as president and CEO at 3Com Masri will also become chairman of H-3C — the China-based joint venture. “I am extremely excited about the opportunity to rejoin 3Com. I firmly believe that the combination of H-3C, 3Com’s dedicated employees, its strong stable of channel partners and its broad base of secure converged networking solutions will help build a successful company,” said Masri. “I look forward to working with the management team, our customers and partners to help realise 3Com’s potential." Also joining 3Com is Bob Mao as executive VP of corporate development with a brief to manage 3Com’s interests in H-3C. China-based Mao joins 3Com from Nortel Networks, where he was president and chief executive officer of the company's greater China operations from 1997 to 2006. Prior to his time at Nortel, he was regional president of greater China for Alcatel. In both positions he managed operations in China, Taiwan, Hong Kong and Macao.

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