SAN JOSE, Calif., April 30, 2013 /PRNewswire/ -- Symmetricom, Inc. (NASDAQ:SYMM), a worldwide leader in precision time and frequency technologies, announced today that its board of directors has named Elizabeth A. Fetter as chief executive officer effective immediately. Ms. Fetter replaces former chief executive David G. Cote, who is leaving the company to pursue other interests. The company also announced that Robert T. Clarkson has stepped down as chairman of the board of directors and that James Chiddix has been elected to succeed Mr. Clarkson as chairman. Mr. Clarkson will remain a member of the board and will chair the compensation committee. The company further announced that directors Alfred F. Boschulte and Richard W. Oliver have informed the board that they intend to retire from the board when their current terms end in October 2013.
"I am honored to have this opportunity to lead Symmetricom," said Ms. Fetter. "The company has excellent technology and products, longstanding relationships with great customers, and a talented team of employees. I look forward to working with the senior management team and the board to unlock the growth potential of the company and improve its profitability.""We are impressed with Liz's executive leadership abilities and experience," said Mr. Clarkson, "and Jim Chiddix has broad business experience and deep technology expertise. I and the entire board believe they will be able to provide first-rate leadership to the company, and I am happy to step aside for Jim as chairman." "On behalf of the entire Board, we thank Dave Cote for his contributions to the company over the last several years and wish him well in his future endeavors," said Mr. Chiddix. "We also thank Al Boschulte and Rick Oliver for their contributions in the course of their service to the company as directors, and Bob Clarkson for his leadership of the board over the last several years. I look forward to working closely with Liz and the board as she leads the company into a new phase and builds value for our stockholders in the coming years." Ms. Fetter, who has served as a Symmetricom board member since 2002, brings to the CEO role significant executive and leadership experience. Ms. Fetter served as President and CEO of several private technology start-up companies over the last few years. Prior to that, she was President, Chief Executive Officer and a director of QRS Corporation, a public retail software and services company which she returned to profitability, and for which she subsequently led the sale to Inovis Inc. She served as President, Chief Executive Officer and a director of NorthPoint Communications Group, Inc., a network services company, from 1999 to 2001. Ms. Fetter previously was Vice President and General Manager of the Consumer Services Group at U.S. West, Inc. and held various senior executive positions at Pacific Bell. She is currently a board member of Quantum Corporation, a data storage company, and recently retired as chairman of the board of Alliant International University. Mr. Chiddix, who has served as a Symmetricom board member since 2007, has broad technology industry experience. He was CEO and Chairman of OpenTV, a publicly-traded company that provided cable TV and satellite set-top box software to domestic and international service providers. Previously, Mr. Chiddix was Chief Technology Officer for Time Warner Cable and held senior management posts at the company and its antecedents for nearly thirty years. In addition to Symmetricom's board, he currently serves on the boards of Virgin Media Inc., The Arris Group and Magnum Semiconductor. He has received a number of cable industry awards for his role in the introduction of new technologies.
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