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Speaking of survival of Symbolics ...
Date: Wed, 10 Feb 88 14:33 EST
From: Richard Billington <Buff@cis.upenn.edu>
I have not seen it, but there was apparently an article in the Wall Street
Journal within the past few days saying that Brian Sears is now the
ex-President of Symbolics and that Russel Noftsker (my apologies on spelling)
has somehow changed in status (he was CEO).
Anybody see the article or know anything more?
The press release was forwarded to me by a friend in Symbolics. It's at
the bottom of the message. Other than what's in here, about all that
was in the WSJ article was that it appears that Sear was ousted by the
board of directors (which seems pretty apparent in the press release as
well), and that according to "a Symbolics Employee", people at SCRC were
"dancing in the streets" when they got the news. I don't believe this
because I know what the weather is like in Boston this winter. The
halls maybe, not not the streets.
Personally, I was amused at a quote attributed to Tom Farb that he was
surprised that some people hadn't left to find jobs elsewhere.
I understand that the Boston Globe had a large article on the subject as
well, but I haven't seen it.
Date: Thu, 4 Feb 88 10:03 EST
From: Office of the President@MEAD.SCRC.Symbolics.COM
Subject: Management Change
The Board of Directors met yesterday to address the continuing
issues which have been the focus of much of management's time and
resources over the past months. The result of that meeting was the
implementation of a broad change in the management of Symbolics, and the
institution of an immediate search for one individual to fill the
positions of President and Chief Executive Officer. Both the Board and
the Symbolics management team are fully committed to getting back to the
real work of Symbolics. The text of the press release that was issued
this morning follows:
Contact: Thomas F. Farb, (617) 621-3825
Francis J. Feeney, Jr., (617) 621-3893
FOR IMMEDIATE RELEASE
SYMBOLICS ANNOUNCES RESIGNATIONS OF PRESIDENT AND CHIEF EXECUTIVE
OFFICER AND CREATION OF AN OFFICE OF THE PRESIDENT
CAMBRIDGE, MASS., February 4, 1988 -- Symbolics, Inc. (NASDAQ: SMBX),
today announced the resignation of Brian E. Sear as president and chief
operating officer and as a member of the Board of Directors, and the
resignation of Russell Noftsker as chief executive officer. Mr.
Noftsker will continue to serve as chairman of the Board of Directors.
The Company's Board of Directors announced that it will begin an
immediate search for a candidate to fill the single position of
president and chief executive officer. Until such position is filled,
the responsibilities of the president/chief operating officer will be
arried out by newly constituted Office of the President, consisting of
four officers of the Company: Ronald L. Derry, Thomas F. Farb, John L.
Kulp and Donald G. Sundue. In addition, Dr. Henry Morgan and Dr. Calvin
Pava, members of the Board of Directors, will work closely with the
Office of the President as the Board's representatives.
Stephen Korn, vice president/general counsel, stated, "Mr. Sear
resigned due to differences with the Board concerning the current
direction of the Company. Although Mr. Noftsker stepped down as chief
executive officer because of differences with the Board concerning
organizational structure, Mr. Noftsker will continue to provide the
Company with guidance on strategic issues in the capacity of chairman
of the Board."