UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported):
May 6, 2010
EXTREME NETWORKS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 000-25711 | 77-0430270 | ||
| (State or other jurisdiction of incorporation) |
(Commission File No.) | (I.R.S. Employer Identification No.) |
3585 Monroe Street
Santa Clara, California 95051
(Address of principal executive offices)
Registrant’s telephone number, including area code:
(408) 579-2800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) and (c) Effective May 10, 2010, Extreme Networks, Inc. (“Extreme”) has appointed Michael L. Seaton as Vice President of Worldwide Sales and Services. As part of Extreme’s consolidation process of its worldwide field operations, Helmut Wilke’s position as Senior Vice President Worldwide Sales was eliminated. Mr. Seaton, age 46, will serve as the head of Extreme’s worldwide field sales and customer support organization, reporting directly to Bob L. Corey, Executive Vice President and Chief Financial Officer and Acting President and Chief Executive Officer.
In connection with the elimination of the Senior Vice President Worldwide Sales position, it is anticipated that Mr. Wilke will remain employed by Extreme in a transitionary role until approximately August 16, 2010 and will receive a separation arrangement equal to 6 months of base salary and 6 months COBRA coverage. In his new role, Mr. Seaton will receive a salary of $275,000, be eligible for commissions and will receive an option grant of 100,000 shares vesting over four years and 50,000 RSU’s vesting over 3 years. These arrangements were approved by the Compensation Committee of Extreme’s Board of Directors on May 6, 2010.
Mr. Seaton joined Extreme in November 2004 and has served as its Vice President and General Manager for Worldwide Customer Support since July 2007. From November 2004 to July 2007, he served as Extreme’s Vice President of Sales Operations and Strategic Alliances. Prior to joining Extreme, Mr. Seaton held various sales and management positions at AT&T Inc., Lucent Technologies and Avaya Inc. He holds a Bachelor of General Studies concentrated in Mathematics and Computer Science from the University of Michigan and an M.B.A. from Florida State University.
Extreme issued a press release on May 10, 2010 relating to Mr. Seaton’s appointment, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press Release dated May 10, 2010 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 10, 2010
| EXTREME NETWORKS, INC. | ||
| By: | /s/ Bob L. Corey | |
| Bob L. Corey | ||
| Executive Vice President and Chief Financial Officer and Acting President and Chief Executive Officer | ||
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Exhibit 99.1
FOR IMMEDIATE RELEASE
For more information, contact:
| Extreme Networks, Inc. | ||
| Investor Relations | Public Relations | |
| 408/579-3030 | 408/579-3483 | |
| investor_relations@extremenetworks.com | gcross@extremenetworks.com |
EXTREME NETWORKS COMBINES WORLDWIDE SALES
AND CUSTOMER SUPPORT
Sharpening Focus on Revenue Growth and Customers
SANTA CLARA, Calif.; May 10, 2010 – Extreme Networks, Inc. (Nasdaq: EXTR) today announced that it is combining its Worldwide Sales and Customer Support Organization under a single worldwide field operation to be headed by 20 plus year industry veteran and current Vice President and General Manager of Worldwide Services, Mike Seaton.
“This is an important next step in our continuing efforts to focus on revenue growth and customer success. This change combines customer support and global sales responsibility under one executive,” said Bob L. Corey, EVP & CFO and acting President & CEO of Extreme Networks. “Mike is a proven leader and his focus on the customer allowed him to do an outstanding job of leading our customer support organization to where it now makes sense to bring it under a single global sales and customer support umbrella. Under a combined organization, Mike will set the course to continue to drive revenue growth, as well as, customer support.”
Mr. Seaton noted, “This is a very exciting time for Extreme Networks. We currently offer the deepest range of high-quality products and superior services in the company’s history, and we plan to leverage that through our distribution channels to drive revenue growth. I look forward to getting us to the next stage of revenue growth while we continue to delight our customers.”
Mr. Corey said that the consolidation of sales and customer support under Mike Seaton is effective immediately and the transition is expected to be completed by mid-summer. Helmut Wilke the Senior Vice President of Worldwide Sales, will remain with Extreme during that period to facilitate a smooth transition.
“I am grateful to Helmut for all he’s done to motivate his organization and help us over the past three years,” Corey added. “We are thankful for his tireless efforts and offer our best wishes for his bright future.”
As Vice President of Worldwide Sales and Services, Seaton will report directly to Mr. Corey. He joined Extreme Networks in 2004 and has served as Vice President and General Manager for worldwide customer support since 2007. He previously held the role of Vice President of Strategic Alliances and Sales Operations, where he was responsible for strategic business partners and customers worldwide. Prior to joining Extreme Networks, Seaton developed a focus on customers and had sales success in various sales and sales management positions at AT&T, Lucent Technologies and Avaya throughout his 16 year career there. Seaton holds a Bachelor of General Studies concentrated in Mathematics and Computer Science from the University of Michigan and an MBA from Florida State University.
Extreme Networks, Inc.
Extreme Networks provides converged Ethernet network infrastructure that support data, voice and video for enterprises and service providers. The company’s network solutions feature high performance, high availability and scalable switching solutions that enable organizations to address real-world communications challenges and opportunities. Operating in more than 50 countries, Extreme Networks provides wired and wireless secure LANs, data center infrastructure and Service Provider Ethernet transport solutions that are complemented by global, 24x7 service and support. For more information, visit: http://www.extremenetworks.com
Extreme Networks is either a registered trademark or trademark of Extreme Networks, Inc. within the United States and other countries.
Except for the historical information contained herein, the matters set forth in this press release, including without limitation statements as to sales and revenue growth are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements speak only as of the date. Because such statements deal with future events, they are subject to risks and uncertainties, including network design and actual results of use of the product in different environments. We undertake no obligation to update the forward-looking information in this release. Other important factors which could cause actual results to differ materially are contained in the Company’s 10-Qs and 10-Ks which are on file with the Securities and Exchange Commission. http://www.sec.gov
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