MRV Announces Executive Leadership Transition
CHATSWORTH, CA, Jan 31, 2013 (MARKETWIRE via COMTEX) --
MRV Communications, Inc. (OTCQB: MRVC) ("MRV" or the "Company"), a
leading provider of optical communications network infrastructure
equipment and integration and managed services, today announced that
Barry Gorsun is to retire from his role as CEO effective January 31,
2013, and the Board of Directors has appointed David Stehlin, who
currently serves as MRV's Optical Communication Systems ("OCS")
division President, to CEO of MRV effective February 1, 2013. To aid
with the transition, Gorsun will serve as a consultant to MRV for the
next six months.
"The Board of Directors would like to thank Barry for his exemplary
leadership of MRV," said Kenneth Traub, Chairman of MRV's Board of
Directors. "Under Barry's leadership, we renewed the Company's
commitment to building MRV's core OCS business, resolved
long-standing contingent liabilities, sold three non-core
subsidiaries in Europe and returned a substantial amount of capital
to stockholders. We wish Barry well in his future endeavors and
appreciate his continued service to MRV during this transition."
Traub continued, "David Stehlin is a telecommunications industry
veteran with over 20 years of experience and we are confident that he
is the right leader to take MRV to the next level. Over the past
nearly two years while at MRV, Dave has been instrumental in helping
develop MRV's strategic direction, leading MRV's OCS division and
securing major new customers. Dave has the Board's full support as we
move forward on our plan to strengthen and grow MRV, while building
value for our stockholders."
Stehlin joined MRV in April 2011 as the Senior Vice President of
Sales and Marketing of its OCS division, and in February 2012, was
appointed President of the OCS division. He has more than two decades
of telecommunications industry experience, having held executive
level positions at various equipment manufacturing companies since
1990. From 2003 to March 2011, Stehlin was the president of Overture
Networks, Inc., a developer and manufacturer of high-speed Carrier
Ethernet edge and aggregation solutions, and president and chief
executive officer of Ceterus Networks, Inc., which merged into
Overture Networks under Stehlin's direction. From 2002 to 2003, he
was the president and chief executive officer of Valo, Inc., an early
stage venture-backed start up focused on developing a new
copper-bonding access system for North American carriers. From 1999
to 2001, he was the president and chief executive officer of OnePath
Networks, Inc., a venture-backed start up building multi-service
fiber optic access systems for major communications service
providers. From 1990 to 1999, he was the senior vice president of
sales and marketing of Keptel, Inc., then, after helping lead the
sale of the business to Antec (now known as Arris), a major provider
of hybrid fiber-coaxial and interconnection products to the
telecommunications industry, was appointed president of Keptel and
Antec's Network Transport, division. From 1984 to 1989 he held
various sales management positions with both Laser Precision and
Siecor, high-end fiber optic infrastructure equipment companies.
After graduating from the U.S. Naval Academy with a bachelor of
science degree in international security affairs, Stehlin served as
an infantry officer in the U.S. Marine Corps. Additionally, he earned
a master's of business administration degree from National
Stehlin commented, "MRV is poised to leverage its long-standing
legacy of innovative solutions for the optical transport, carrier
Ethernet, mobile backhaul, data center and cloud computing markets.
We are committed to capitalize on our strengths in serving these
growing markets and to execute our strategy of developing next
generation optical edge solutions. It is an exciting time for MRV and
I am honored to lead the Company as we execute the next stage of our
strategy to accelerate growth and deliver additional value to our
"I would like to thank MRV's Board of Directors, employees and
stockholders for their support and commitment during my tenure," said
Barry Gorsun, chief executive officer. "It has been a privilege to
work with such a dedicated team and I appreciate the MRV employees
that have and continue to work very hard to increase shareholder
value and to build an exciting future for MRV. With three non-core
subsidiaries divested and OCS positioned to leverage its technology
to become a market leader in the optical communications market, I
felt it was the right time for me to transition the leadership to
Dave. I know I am leaving the Company in good hands."
About MRV Communications, Inc.
MRV Communications, Inc. is a
leading global provider of carrier Ethernet, wavelength division
multiplexing optical transport, infrastructure management equipment
and solutions, as well as network integration and managed services.
MRV's solutions enable the delivery and provisioning of
next-generation optical transport and carrier Ethernet services over
any fiber infrastructure. MRV provides equipment and services
worldwide to telecommunications service providers, enterprises and
governments, enabling network evolution and increasing efficiency,
while reducing complexity and costs. Through its subsidiaries, MRV
operates development centers in North America and Europe, along with
support centers and sales offices around the world. For more
information about MRV, visit http://www.mrv.com.
Forward Looking Statements
This press release may contain
statements regarding future financial and operating results of MRV,
management's assessment of business trends, and other statements
about management's future expectations, beliefs, goals, plans or
prospects and those of the market segments in which MRV is engaged
that are based on management's current expectations, estimates,
forecasts and projections about MRV and its consolidated businesses
and the respective market segments in which MRV's businesses operate,
in addition to management's assumptions. Statements in this press
release regarding MRV's future financial and operating results, which
are not statements of historical facts, constitute forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Words such as "expects,"
"anticipates," "envisions," "estimates," "targets," "intends,"
"plans," "believes," "seeks," "should," "could," "forecasts,"
"projects," variations of such words and similar expressions, are
intended to identify such forward-looking statements which are not
statements of historical facts. These forward-looking statements are
not guarantees of future performance nor guarantees that the events
anticipated will occur or expected conditions will remain the same or
improve. These statements involve certain risks, uncertainties and
assumptions, the likelihood of which are difficult to assess and may
not occur, including risks that each of its business segments may not
make the expected progress in its respective market, or that
management's long-term strategy may not achieve the expected results.
Therefore, actual outcomes, performance and results may differ from
what is expressed or forecast in such forward-looking statements, and
such differences may vary materially from current expectations.
For further information regarding risks and uncertainties associated
with MRV's businesses, please refer to the "Management's Discussion
and Analysis of Results of Operations and Financial Condition" and
"Risk Factors" sections of MRV's SEC filings, including, but not
limited to, its annual report on Form 10-K for the year ended
December 31, 2011, and its quarterly report on Form 10-Q for the
quarter ended September 30, 2012, copies of which may be obtained by
contacting MRV's investor relations department or by visiting MRV's
website at http://www.mrv.com or the SEC's EDGAR website at
All information in this release is as of January 31, 2013 unless
otherwise stated. MRV undertakes no duty to update any
forward-looking statement to conform the statement to actual results
or changes in MRV's expectations.
MRV Communications, Inc.
(818) 886-MRVC (6782)
MRV Communications, Inc.
SOURCE: MRV Communications
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