<PAGE>
Exhibit 99.1
Craig Gentner to Retire From Redback Networks in First Quarter 2001 Due to
Family Medical Issues
Date(s): 11/13/00 7:11:00 AM
SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 13, 2000--Redback Networks, Inc.,
(Nasdaq:RBAK), a leading provider of advanced networking solutions, today
announced that senior vice president and chief financial officer (CFO) Craig
Gentner has announced his intention to retire from Redback in the first quarter
of 2001.
Gentner, who is retiring due to family medical issues, will continue managing
financial operations and remain with the Company until his replacement is named.
Additionally, the financial guidance from the October 11, 2000 conference call
remains unchanged due to strong business demand.
In support of the Gentner family, Redback will make a contribution to the
National Organization of Rare Disorders (NORD). This donation is specifically
directed to the research of the degenerative disease Primary Lateral Sclerosis.
PLS is a rare, adult neurological disease affecting the central motor neurons.
Information on NORD and PLS can be found at http://www.rarediseases.org/.
Gentner has spent over thirty years in senior financial positions with
technology industry leaders. Prior to joining Redback, Gentner served as CFO at
early networking leader N.E.T., and as CFO at Xidex, the pioneer in personal
computer storage peripherals. At Redback, Gentner helped grow the Company from
approximately $20 million to over $80 million in quarterly sales. Additionally,
Gentner built a strong, talented global finance and treasury organization.
"Redback has clearly benefited from the experience, integrity and execution of
Craig Gentner," said Vivek Ragavan, president and chief executive officer of
Redback. "Under Craig's leadership, our company has grown significantly and is
fundamentally stronger. While I am sorry to see him leave, I am pleased that
Craig chose Redback to complete his highly successful career, and that we were
able to benefit from his contributions. We wish him a well deserved and
enjoyable time with his family."
"My time at Redback has been a highly rewarding experience," said Gentner.
"Redback is a rapidly growing company with the opportunity to make a major
impact in several areas of the metropolitan networking market. I am pleased that
I was able to build a solid infrastructure in the financial organization, and to
assist in very strong revenue and operational growth."
Redback will hold an Investor's conference call at 8:30 a.m. EST
<PAGE>
on Monday, November 13, 2000. Details are listed below.
Redback Networks Investors Conference Call
Monday, November 13, 2000
8:30 a.m. EST
Dial-in number: 719/457-2633
Replay Information
Dial-in: 719/457-0820
Access Code: 442-811
About Redback Networks, Inc.
Founded in 1996 and headquartered in Sunnyvale, Calif., Redback Networks, Inc.,
is a leading provider of advanced networking solutions that enable carriers,
cable operators, and service providers to rapidly deploy broadband access and
services. The market-leading Redback(R) Subscriber Management Systems (SMS)
connect and manage large numbers of subscribers using any of the major broadband
access technologies such as Digital Subscriber Line (DSL), cable, and wireless.
To deliver integrated transport solutions for metropolitan optical networks,
Redback's SmartEdge multi-service platforms leverage powerful advances in
application- specific integrated circuit, IP, and optical technology. The
Redback Enterprise Service Point (TM) (ESP) family is a new breed of intelligent
carrier-managed CPE devices for value-added IP services. The Redback Service
Management Family allows service providers to easily publish, activate and
manage IP services and allows their customers to subscribe to these services on
demand. With this product portfolio, Redback Networks is the first equipment
supplier focused exclusively on developing integrated solutions for the New
Access Network.
Redback, Subscriber Management System and SmartEdge are trademarks of Redback
Networks, Inc. Other trademarks, service marks, and trade names belong to their
respective owners.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
The statements contained in this press release that are not purely historical
are forward-looking statements within the meaning of Section 21E of the
Securities and Exchange Act of 1934, as amended, including statements regarding
Redback Networks' expectations, beliefs, intentions or strategies regarding the
future. Forward-looking statements include statements regarding future Redback
employee activities and future sales to customers. All forward-looking
statements included in this document are based upon information available to
Redback Networks as of the date hereof, and Redback Networks assumes no
obligation to update any such forward-looking statements. Forward-looking
statements involve risks and uncertainties, which could cause actual results to
differ materially from those projected. These and other risks relating to
Redback Networks' business are set forth in the documents filed by Redback
Networks with the Securities and Exchange Commission, specifically the most
recent report on Form
<PAGE>
10-Q, and the other reports filed from time to time with the Securities and
Exchange Commission.
CONTACT:
Redback Networks
Craig M. Gentner, 408/571-5200
[email protected]
or
Redback Networks
Anne Smith, 408/571-5044
[email protected]
