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): March 30, 1998
CABLETRON SYSTEMS, INC
(Exact name of Registrant as Specified in Charter)
DELAWARE 0-10228 04-2797263
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
35 Industrial Way, Rochester, NH 03867
(Address of Principal Executive Offices) (Zip Code)
(603) 332-9400
(Registrant's telephone number including area code)
<PAGE> 2
Item 5. Other Events.
On March 30, 1998 Cabletron Systems, Inc. announced that its Board of Directors
had accepted the resignation of Donald B. Reed, President and Chief Executive
Officer, effective immediately. The company also announced that Craig R. Benson,
Chairman of the Board, will assume Mr. Reed's responsibilities.
A copy of Cabletron Systems, Inc.'s press release dated March 30, 1998
is attached hereto as Exhibit 99 and is incorporated by reference herein.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 Press release of Cabletron Systems, Inc. dated March 30, 1998.
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SIGNATURES
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.
CABLETRON SYSTEMS, INC.
Date: March 30, 1998
By /s/ David J. Kirkpatrick
---------------------------------------------
Chief Financial Officer and
Corporate Executive Vice President of Finance
<PAGE> 4
EXHIBIT INDEX
Exhibit Number Description Page
- ------------- ----------- ----
99 Press Release of Cabletron Systems, Inc. 5
dated March 30, 1998.
<PAGE> 5
Company Press Release
Cabletron Systems Announces Management Changes
ROCHESTER, N.H.--(BUSINESS WIRE)--March 30, 1998--Cabletron Systems, Inc.
(NYSE:CS - news) today announced that the Board of Directors has accepted the
resignation of Donald B. Reed, President and Chief Executive Officer, effective
immediately. He will remain as a consultant and member of the Board of
Directors.
Craig R. Benson, Chairman of the Board and a co-founder of the company, will
assume Mr. Reed's responsibilities. Under Benson's leadership, Cabletron has
grown from a two-man start-up in 1983 to a $1.4 billion market leader.
"I am proud to have been instrumental in developing a planning process designed
to achieve specific business goals to help change the strategic course of
Cabletron for the future. I am also proud of having solidified our commitment to
the distribution channel and of acquiring Digital Network Products Group, which
has opened additional markets with strong international presence and outstanding
distribution relationships," said Reed. "The recent acquisition of Yago
positions us to be a dominant player not only in the switching marketplace, but
also in the switch router marketplace."
"Don Reed has made important contributions to Cabletron," said Benson. "Although
Don has decided to leave Cabletron's daily management, we are pleased he will
continue to provide strategic direction to Cabletron as a consultant and member
of the Board of Directors to assure Cabletron's success."
Benson continued, "but citing my experience in the industry Don convinced me to
manage the particulars of implementation and proposed that he continue to
oversee the broader business strategy from his seat on the board and as a
consultant to the company."
Cabletron also announced the following promotions:
John d'Auguste, Executive Vice President of Cabletron's Enterprise Business
Unit, has been promoted to President of Operations.
David J. Kirkpatrick, Senior Vice President of Finance and Chief Financial
Officer, has been promoted to Corporate Executive Vice President of Finance.
"These promotions underscore the Board's commitment to refocusing Cabletron on
its core businesses," Benson continued. "John d'Auguste has a wealth of
experience in high technology. In promoting John, we recognize his extensive
computer manufacturing background and will continue to benefit from his
knowledge."
<PAGE> 6
Prior to joining Cabletron, d'Auguste was Vice President of Direct Sales, and
earlier, Vice President of Operations at Gateway 2000 Inc [NYSE:GTW - news].
"John's proven ability to increase production volume by shortening product
fulfillment programs will contribute to Cabletron's success as a solutions
provider," said Benson.
"The promotion of David Kirkpatrick, a long-time Cabletron executive, recognizes
his past contributions and the increased importance we are placing on the
financial management role at Cabletron," added Benson.
"The strategy and management team are in an excellent position to aggressively
move the company to the next level. Implementation is where my strength lies and
I'm looking forward to executing the plan we now have in place," said Benson.
"Cabletron is financially strong and we are confident the direction we are
taking will continue to strengthen our industry leadership position."
Cabletron Systems, Inc., a recognized leader in high-performance computer
networking products, provides dependable network access and communications to
millions of people throughout the world. With scaleable products designed for
Fortune 1000 enterprise networks, service providers and small businesses,
Cabletron delivers simple, reliable and cost-effective business solutions for
the information age.
Cabletron's World Wide Web site can be reached on the Internet at
http://www.cabletron.com.
