Cadian Capital Management Nominates Four Director Candidates For Election To The Board Of Directors Of Comverse Technology
NEW YORK, March 28, 2012 /PRNewswire/ -- Cadian Capital Management, LLC ("Cadian Capital"), through one of its investment funds, Cadian Fund LP ("Cadian Fund"), today announced that it has nominated four highly-qualified, independent director nominees to the Board of Directors (the "Board") of Comverse Technology, Inc. (NASDAQ: CMVT) (the "Company") to replace four directors whose terms expire at the Company's 2012 Annual Meeting of Shareholders. Cadian Capital, together with Cadian Fund and certain of its affiliates, beneficially owns 4,186,158 shares of common stock of the Company. Cadian Fund delivered formal written notice of its nomination to the Company in accordance with the Company's Amended and Restated Bylaws on March 28, 2012.
Cadian Capital's highly-qualified, independent director nominees, who will bring substantial business, financial, operational and investment experience to the Board, are:
- Stephen Andrews . Mr. Andrews has over 25 years of global experience in the telecommunications and IT industry and significant business and management experience. Mr. Andrews is currently an independent Technology, Media & Telecommunications advisor and investor at AbbeyBarn Communications Limited. Previously, Mr. Andrews held a variety of executive positions at BT Group plc, a global communications services provider, including Group Managing Director of BT Mobility & Convergence and Managing Director of Strategy and Products at BT Retail, where he supervised approximately 500 employees and executives, President of the International Carrier and Networks Business of BT Global Services, and Director of European Alliances at BT Europe.
- James Budge . Mr. Budge has significant operational and financial expertise in the software and technology industry and is currently the Chief Financial Officer and Chief Operating Officer of Rovi Corporation, a global provider of digital entertainment technology solutions. Previously, Mr. Budge served as the Chief Financial Officer of each of Trados, Inc., an enterprise management software provider, Sendmail, Inc., a secure email provider, and CrossWorlds Software, Inc., a provider of business infrastructure software.
- Doron Inbar . Mr. Inbar has extensive management, investment and financial expertise and is currently a Venture Partner at Carmel Ventures, an Israeli-based venture capital firm that invests primarily in early stage companies in the fields of Software, Communications, Semiconductors, Internet, Media, and Consumer Electronics. Previously, Mr. Inbar worked for over 22 years at ECI Telecom Ltd., a global telecom networking infrastructure provider, and held a variety of executive positions including, President and Chief Executive Officer and Executive Vice President and Chief Financial Officer. Mr. Inbar currently serves on the board of directors of Alvarion Ltd.
- Richard N. Nottenburg, Ph.D. Dr. Nottenburg has extensive executive management, financial and transactional experience in the commercial wireless communications industry. Dr. Nottenburg currently serves as a member of the board of directors of Aeroflex Holding Corp. and PMC-Sierra, Inc. Dr. Nottenburg previously served as President, Chief Executive Officer and a director of Sonus Networks, Inc. and held a variety of executive positions at Motorola, Inc., including Executive Vice President, Chief Strategy Officer and Chief Technology Officer. While at Motorola, Dr. Nottenburg was responsible for shaping Motorola's overall corporate strategy. Dr. Nottenburg served on the Board of Directors of the Company from December 2006 to November 2011 and on the board of directors of Verint Systems, Inc. from July 2011 to November 2011.
Eric Bannasch, Cadian Capital's managing member stated, "Cadian Capital is making its nominations due to its significant concerns with the Company's continued underperformance, poorly managed restatement process, and failure to reconstitute the board with independent and qualified directors after shareholders demanded change by forcing two directors to resign last year after they each received more votes cast 'Against' them, than 'For' them."
"This board has failed to listen to the demands of shareholders and has destroyed meaningful shareholder value over the past five years. Accordingly, we have nominated four director nominees who have the substantive experience that is relevant to the core business of the Company and its majority-owned subsidiary, Verint Systems, Inc., and who will be accountable to all shareholders. Our director nominees will be the change that is urgently needed to maximize shareholder value."
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