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): July 27, 1995
General Instrument Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-5442 13-3575653
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
181 West Madison Street, Chicago, Illinois 60602
(Address of principal executive office) (Zip Code)
(312) 541-5000
(Registrant's telephone number, including area code)
<PAGE>
Item 5 Other Events
The Registrant hereby incorporates by reference the description
of the matters set forth in its press release dated July 27, 1995
(such press release being Exhibit 99 attached hereto).
Item 7 Financial Statements and Exhibits
(c) Exhibits
99 Registrant's press release dated July 27, 1995
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.
GENERAL INSTRUMENT CORPORATION
By:/s/ Paul J. Berzenski
---------------------
Paul J. Berzenski
Vice President and Controller
DATE: July 27, 1995
<PAGE>
EXHIBIT INDEX
No. Exhibits
- ---- --------
99 The Registrant's press release dated
July 27, 1995
Exhibit (99)
Contact for General Instrument: Karen Kane
312-541-5011
Contact for Forstmann Little: George Sard
Sard Verbinnen & Co.
212-687-8080
FOR IMMEDIATE RELEASE
DAN AKERSON, GENERAL PARTNER AT FORSTMANN LITTLE SINCE 1993,
TO SPEND FULL TIME AT FIRM;
RICK FRIEDLAND TO SUCCEED AKERSON AS CEO OF GENERAL INSTRUMENT
___________________________________________________________
CHICAGO and NEW YORK July 27, 1995-- General Instrument
Corporation (NYSE: GIC) and Forstmann Little & Co., its largest
shareholder, announced today that Daniel F. Akerson, Chairman and
Chief Executive Officer of General Instrument, is stepping down
as CEO to spend full time at Forstmann Little, and that Richard
S. Friedland, President and Chief Operating Officer, will become
CEO of General Instrument effective August 1, 1995.
Akerson, who has been a General Partner of Forstmann Little since
1993, remains Chairman and a Director of GI until December 31,
1995. Friedland is a 17-year GI veteran who has been President,
Chief Operating Officer and a Director since late 1993.
"Dan Akerson left MCI to join Forstmann Little as a general
partner in 1993," said Theodore J. Forstmann, Senior Partner of
Forstmann Little, which acquired GI in 1990 and took it public in
1992. "His initial task was to become CEO of GI, which was then
our largest investment. I asked him to create and implement
appropriate business and technology strategies while establishing
management succession. He has done a superb job."
"One of the first things Dan did was to promote Rick Friedland to
President and COO," said Forstmann. "Rick has performed superbly,
and we have great confidence in Rick's ability to create further
value for all GI shareholders. Under Dan's and Rick's leadership,
GI's revenues have doubled, net income has quadrupled, and market
capitalization has risen by $1.8 billion. We own 21.7 million
shares and continue as GI's largest shareholder."
"I am pleased to have been able to make a contribution to GI's
success at such an important stage of its development," said
Akerson. "Rick Friedland has been my partner for the past two
years, and he has done an excellent job running all areas of
operations. Rick is well acquainted with the responsibilities of
the chief executive officer and has the respect of customers,
employees and shareholders. He deserves a great deal of credit
for the company's strong current market position and future
prospects. He is the ideal person to provide continuity and help
GI take full advantage of its extraordinary opportunities in the
years ahead."
"Managing General Instrument is an extraordinary challenge and
opportunity for me," said Friedland. "GI's telecommunications
market and technology leadership, honed in the U.S. cable
industry, is expanding into broader markets in the U.S. and
worldwide," said Friedland. "We have the people, the
technologies and the products to serve customers throughout the
world. We will continue to build on our solid reputation for
quality, ingenuity and timely delivery of products to meet our
customers' evolving needs."
Friedland, 44, was named President, Chief Operating Officer and a
Director of GI in October 1993. He had been Chief Financial
Officer since 1992 and previously held a series of increasingly
responsible financial management positions. He joined GI in 1978
from Price Waterhouse LLP. Friedland is a Director of Department
56, Inc., a maker of specialty giftware products. Awarded a B.S.
in accounting from Ohio State University, Friedland earned his
M.B.A. in finance at Seton Hall University in 1985.
Akerson, 46, became a General Partner of Forstmann Little and
Chairman and CEO of General Instrument in August 1993. He
previously spent 10 years at MCI Communications Corporation, most
recently as President and Chief Operating Officer. He is a
Director of The American Express Company, Gulfstream Aerospace
Corporation, Ziff-Davis Publishing Company, The Thompson-Minwax
Company and the Business School of the College of William and
Mary.
Founded in 1978, Forstmann Little & Co. is a private investment
firm that has invested over $12 billion in 20 acquisitions, most
recently $1.4 billion in Ziff-Davis Publishing Company in late
1994. In addition to Ziff-Davis and its 15 percent stake in
General Instrument, the firm currently owns or controls six
companies, including Department 56, Gulfstream Aerospace
Corporation and The Thompson-Minwax Company.
General Instrument Corporation is a world leader in developing
technology, systems and product solutions for the interactive
delivery of video, voice and data.
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