May 10, 2007
3Com dials up new CFO
By Matthew L. Brown
Marlboro-based communications network systems company 3Com Corp. named Jay Zager as its new executive vice president and CFO.
Zager was hired away from Gerber Scientific. He replaces Donald M. Halsted III, who has held the position since 2004, and is leaving "to pursue other opportunities," the company said.
Halstead leaves, and Zager takes over June 22. Halstead will serve as an advisor "to help facilitate an orderly transition," according to the company.
Zager will make a base salary of $400,000, according to the company's U.S. Securities and Exchange Commission filings. Zager also got a sign-on bonus of $200,000, which will be paid to him during his first month on the job.
Zager will also get a stock option grant of 500,000 shares of 3Com common stock, and "as an additional inducement," 300,000 shares of 3Com restricted stock.
He is also eligible to participate in the company's discretionary bonus program, which has a target amount of 65 percent of his base salary.
3Com reported a net loss for 2006 of $100.6 million on revenue of $794.8 million.
During the first quarter of 2007, the company reported revenue of $300 million, and a net loss of $14 million.
Zager was hired away from Gerber Scientific. He replaces Donald M. Halsted III, who has held the position since 2004, and is leaving "to pursue other opportunities," the company said.
Halstead leaves, and Zager takes over June 22. Halstead will serve as an advisor "to help facilitate an orderly transition," according to the company.
Zager will make a base salary of $400,000, according to the company's U.S. Securities and Exchange Commission filings. Zager also got a sign-on bonus of $200,000, which will be paid to him during his first month on the job.
Zager will also get a stock option grant of 500,000 shares of 3Com common stock, and "as an additional inducement," 300,000 shares of 3Com restricted stock.
He is also eligible to participate in the company's discretionary bonus program, which has a target amount of 65 percent of his base salary.
3Com reported a net loss for 2006 of $100.6 million on revenue of $794.8 million.
During the first quarter of 2007, the company reported revenue of $300 million, and a net loss of $14 million.
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