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UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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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) February 10, 1998
PICTURETEL CORPORATION
(Exact name of Registrant as specified in its charter)
DELAWARE 1-9434 04-2835972
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
100 MINUTEMAN ROAD, ANDOVER, MA. 01810
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(Address of Principal Executive Offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER: 978-292-5000
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Item 5. Other Events
On February 10, 1998, the Company announced the appointment of Bruce
R. Bond as President and Chief Executive Officer effective March 1, 1998. Bond
succeeds Dr. Norman E. Gaut, who will continue to serve as Chairman of the
Company's Board of Directors. Bond also will join the Company's Board of
Directors succeeding Vinod Khosla, who had agreed to remain on the board to
assist the Company in its search for a new CEO and who will resign effective
February 27, 1998.
Item 7. Exhibits
1. Press Release dated February 10, 1998
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SIGNATURE
Pursuant to the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
PICTURETEL CORPORATION
/s/ Richard B. Goldman
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Richard B. Goldman
Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)
February 10, 1998
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NEWS RELEASE EXHIBIT 1
Contact: Kevin Flanagan
PICTURETEL CORPORATION
(978) 292-5178
[email protected]
PICTURETEL APPOINTS BRUCE R. BOND PRESIDENT AND CHIEF EXECUTIVE OFFICER
FORMER ANS CEO WILL HEAD WORLDWIDE VIDEOCONFERENCING LEADER
ANDOVER, Mass. - FEBRUARY 10, 1998 - PictureTel Corporation (Nasdaq: PCTL), the
world leader in videoconferencing solutions, today announced the appointment of
Bruce R. Bond as president and chief executive officer effective March 1, 1998.
Bond succeeds Dr. Norman E. Gaut, who will continue to serve as chairman of the
company's board of directors. Bond also will join the company's board of
directors succeeding Vinod Khosla, who had agreed to remain on the board to
assist the company in its search for a new CEO.
Bond comes to PictureTel from ANS, the networking subsidiary of
America Online, Inc., where he has served as chief executive officer since July
1996. AOL recently sold ANS to WorldCom, Inc. At ANS, Bond turned the company
into a leading provider of business network solutions. Before joining ANS, Bond
spent seven years with British Telecom, where he ran the company's largest
business division with responsibility for $10 billion in revenue and $2 billion
in annual profit.
"Bruce Bond brings a tremendous amount of hands-on experience in both
traditional telecommunications and - most importantly - the burgeoning IP
world," said Dr. Gaut. "He took ANS from a start-up with no products, sales or
marketing to a leader in the IP space with award-winning remote access and
firewall products. Bruce has the insights and perspective that will be vital to
expanding PictureTel's role as the world leader in the rapidly changing
videoconferencing industry."
Before joining British Telecom in August 1989, Bond was corporate vice
president for strategic planning at US West, where he was responsible for
driving the long-range plans of all of the company's 43 subsidiaries. Prior to
US West, he held a variety of executive posts in planning and marketing with
AT&T.
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PICTURETEL APPOINTS BRUCE R. BOND PRESIDENT AND CEO, p.2
"With its enormous assets -- including an outstanding corporate
customer base, worldwide distribution channels and partners, a strong technology
foundation, and talented people -- PictureTel is well positioned for leadership
in the next stage of videoconferencing," said Bond. "Until now,
videoconferencing has been peripheral to the corporate networking environment.
PictureTel's goal is to be the leader in videoconferencing as it becomes
integral to the new collaborative business networking environment that is
beginning to emerge. This is an outstanding position from which to bring
increasing value to PictureTel's customers, shareholders and employees."
Bond studied psychology and philosophy at Colorado State University,
where he also had a distinguished football career. He earned an MBA from the
University of Dayton (Ohio), and a master's degree from the Sloan School of
Management at the Massachusetts Institute of Technology. From 1989 until its
1995 acquisition by AT&T, Bond served on the board of directors of McCaw
Cellular Communications. Currently, he serves on the board of directors of Witco
Corporation.
PictureTel Corporation is the world leader in developing,
manufacturing and marketing a full range of videoconferencing solutions. The
company also is a leader in audioconferencing solutions. PictureTel's systems
meet customers' conferencing needs from the desktop to the boardroom. The
company also markets multi-location conferencing servers and a comprehensive
portfolio of enterprise-wide services. PictureTel provides complete video and
audioconferencing solutions to customers in distance learning, health care and
financial services. Additional information is available on the Internet at
www.picturetel.com. PictureTel videoconferencing eliminates the barrier of
distance, enabling people to be Anywhere Now(TM).
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PictureTel is a registered trademark and Anywhere Now is a trademark of
PictureTel Corporation. Other brands are trademarks or registered trademarks of
their respective owners.
NOTE TO EDITORS: A PHOTOGRAPH OF MR. BOND IS AVAILABLE FROM THE NEWSCOM WEBSITE
AT www.newscom.com.
