Enterasys Names Mark Stone Interim CEO
Former CEO Mike Fabiaschi Passes Away Suddenly
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Andover, MA — Sep 24, 2008
Enterasys Networks Inc., the Secure Networks Company™, today announced that Mark Stone, Enterasys Chairman of the Board, has been named interim CEO. Michael Fabiaschi, the company’s former President and Chief Executive Officer, died suddenly overnight on September 22nd at his home in Rye, New Hampshire. Fabiaschi was 53 years old.
"Enterasys has a solid financial foundation with a deep and talented management team," said Mark Stone, Senior Managing Director of The Gores Group and Chairman of the Enterasys Board of Directors. "The company remains committed to its plans to become part of a joint venture being formed by The Gores Group and Siemens AG."
Enterasys will continue to operate in a business as usual manner. Customers and partners should expect no changes to the engineering, professional services, sales, solution engineering, support and training resources they work with every day. No changes are anticipated to the development, support, marketing or selling of particular Enterasys products. Enterasys remains committed to investing in research and development to deliver new products. Service, maintenance and support contract terms remain unchanged.
Mark Stone has responsibility for Gores' worldwide operations group, oversight of all Gores portfolio companies and operational due diligence efforts. Mr. Stone joined Gores in 2005 from Sentient Jet, the leading provider of private jet membership, where he served as CEO. Prior to Sentient Jet, Mr. Stone served as CEO of Narus, a global telecommunication software company; and Sentex Systems, an international security and access control manufacturing company.
"Mike led Enterasys and other technology companies with a passion for driving customer-centric changes and sales skill leadership," continued Stone. "He put his heart and his mind into every effort in both his personal and professional life. Mike leaves a remarkable legacy that his business associates and friends will benefit from for years to come."
Michael Fabiaschi, a 25-year technology industry veteran, joined Enterasys in April 2006. During his tenure, Fabiaschi returned the company to profitability and implemented a customer-driven versus engineering-driven culture. Fabiaschi made it easier to do business with Enterasys by focusing on customer and partner satisfaction - a philosophy that will continue to guide the company towards future growth.
"Mike was an outstanding individual, a valued friend and he will be sorely missed by everyone," said Alec Gores, Founder, Chairman and Chief Executive Officer of The Gores Group. "Our sympathies are with his wife and family during this difficult time."
"The industry has lost a great leader. Mike was a champion of the view that customers are your best asset and he worked so hard to build and nurture strong customer relationships. He really focused on making the companies he worked with more responsive and open to customers and ensuring that their needs were met. IT executives have lost a good friend and the industry is diminished by his passing," said John Gallant, CEO, Network World.
"Mike was a charismatic leader who made a remarkable and immediate impact on customers, partners and employees. His untimely passing takes away from his family and friends a man who has been, and will remain, an inspiration to us all," said Trent Waterhouse, Enterasys VP of Marketing. "He was a trusted advisor and someone who was deeply respected not just by his peers, but by all who had the privilege to work with him."
Fabiaschi has a long and proven history of leading technology companies to growth and profitability. Prior to his work at Enterasys, Fabiaschi was a Senior Vice President at CA (formerly Computer Associates), responsible for launching its efforts in the telecommunications vertical and for its fault and performance management software business. Prior to CA, Fabiaschi was president and CEO of Aprisma, a fault and performance management company that was acquired by The Gores Group in August 2002. Fabiaschi led Aprisma to 12 consecutive quarters of revenue and earnings growth.
Fabiaschi previously served as Chairman, President and CEO of LPA/XELUS, a service and supply chain management software company serving the high-tech, transportation, aerospace and defense industries. He also served as President and CEO of Zamba/Racotek, a public wireless networking and CRM solutions provider. Rising from Vice President of Sales and Service, he led Zamba, first as President and CEO and later as an outside Director, to 10 consecutive quarters of record revenue and earnings growth. Prior to Zamba/Racotek, Fabiaschi held several senior sales positions at MAI Basic Four and Burroughs Corporation.
Fabiaschi is survived by his wife and two daughters, one grandchild, four siblings, and his father.
About Enterasys Networks
Enterasys is owned by a private investor group led by The Gores Group, LLC and Tennenbaum Capital Partners, LLC. Enterasys delivers Secure Networks™ that ensure the confidentiality, integrity, and availability of IT services and the business users that rely on them - without sacrificing performance. Thousands of enterprises, government agencies and educational institutions in more than 70 countries worldwide rely on our convergence, compliance and connectivity solutions to deliver business-oriented, identity-based visibility and control of individual user and application priority and security. The company's culture is centered on the principle, "There is nothing more important than our customers." Enterasys’ standards-based, open-architecture approach to network security offers a long technology lifecycle and significant operational and business benefits, while reducing total cost of ownership. Information about Enterasys’ award winning, policy-enabled switches, routers, wireless products, security software and services is available at www.enterasys.com
About The Gores Group
Founded in 1987, The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of $1.3 billion. Headquartered in Los Angeles, California, The Gores Group, LLC maintains offices in Boulder, Colorado and London. For more information, please visit www.gores.com
About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners is a Santa Monica, California-based private investment firm managing over $7.5 billion in committed capital in private funds. The firm's investment strategy is grounded in a long-term, value approach, and it assists - both financially and operationally - transitional middle market companies in such industries as technology, healthcare, energy, aerospace, business services, retail and general manufacturing. Tennenbaum's core strengths include in-depth knowledge of equity and debt financing vehicles in the public and private markets, as well as a thorough understanding of special situations. For more information, please visit www.tennenbaumcapital.com
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