WAM!NET Names New CEO, Ed Driscoll Remains as Vice Chairman
Press release from the issuing company
02/11/02 (WhatTheyThink.com) WAM!NET has named Michael Williams as CEO providing the permanent replacement for founder and former CEO - Ed Driscoll. Williams joins WAM!NET from Lockheed Martin where he served as president of the Systems and Technology Business of Lockheed Martin's Global Telecommunications Organization.
In a management shuffle that took place at the beginning of the year, Ed Driscoll moved to vice chairman. During the interim, Ken Swimm replaced Driscoll. Swimm was also a top executive at Lockheed Martin and has been with WAM!NET since 2000. Swimm will now become Chairman of the Board.
Williams brings experience in domestic and international business development in both the commercial and government sectors. While at Lockheed, he was responsible for defining the company's Global Telecommunications business strategy and establishing and managing external alliances, joint ventures, acquisitions, divestitures. In December, Lockheed Martin announced plans to exit its Global Telecommunications services business due to continuing overcapacity in that industry worldwide.
"Mike's proven track record in establishing and leading several profitable growth businesses, combined with his expertise in IT infrastructure development and program management, augments WAM!NET's seasoned management team at a critical time in the company's continued growth and development," said Ken Swimm, WAM!NET's former chief operating executive and new chairman of the board. "As CEO, Mike will guide WAM!NET's continued growth and development, while applying his strengths in operational excellence and customer-focused business development. I am pleased to welcome him to the team."
WAM!NET recently secured a $100 million working capital facility from affiliates of Cerberus Capital Management. Company officials stated that the financing is expected to be the last round of funding required for the company to reach profitability and become operating cash-flow positive in 2002.
WAM!NET is a provider of secure, digital content delivery and hosting solutions. The company's managed network, data storage, application hosting and professional services enable customers to access IT services on an outsourced, subscription basis.
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