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Nitro at Netro, Take II

Netro shareholder saga continues--dissident shareholder says CFO is "lying." Elsewhere: Verizon Wireless sends CFO to Vodafone UK post, brings in former Vodafone exec as replacement.
Lisa Yoon, CFO.com | US
May 30, 2002

>> The saga continues at Netro Corp., which denied charges leveled by dissident shareholder C. Robert Coates that company has been "lying" to shareholders about Netro's performance... Latest bone of contention? San Jose, Calif. wireless company's Project Angel technology, which it acquired from AT&T Wireless... Coates claims the wireless-equipment maker didn't expect to see any revenue on Project Angel in 2002...

Yesterday, in interview with Dow Jones, CFO Sanjay Khare flatly denied charges, adding that Netro stands by its projections for the technology… He clarified CEO Gideon Ben-Efraim's statement, pointing out he said there wouldn't be "any substantial revenue," as opposed to none at all, from Project Angel in 2002… Khare further told Dow Jones that Netro expects to begin shipping the technology in the third quarter…

Same day, Coates fired back with press release saying Khare is—here comes that word again—"lying." He even went as far as challenging management to committing their positions to paper: "I...and three employees of The Robert Coates Group attended the annual meeting, unlike the six members of Netro's board of directors. Each of us heard Ben-Efraim state that Project Angel would not generate revenue in 2002. Each of us is prepared to sign a sworn affidavit to that effect. Are Netro executives prepared to do the same?"

Coates, who owns about 2.4 million shares, recently waged unsuccessful campaign to win seat on Netro's board... Acrimonious battle with Netro management has been going on since April… Up next at Netro: Executive Boxing…

>> CFO Edward Langston no longer working for Verizon Wireless… Returned to United Kingdom for position at Vodafone Group... Andrew Halford named VP and CFO to replace Langston… Halford was previously financial director for Vodafone's Northern Europe, Middle East, and Africa regions... Was involved in acquisition or start-up of a number of businesses in those areas… Was also financial director at Vodafone UK Ltd., where he was involved in restructuring, programs, and cost-structure overhaul...

In new post, Halford will be responsible for revenue assurance, financial analysis and planning, auditing, tax, treasury, and controller organizations for Verizon Wireless, JV of Verizon Communications, and Vodafone Group…

>> Content manager Documentum announced that CFO Bob Corey is retiring as of July 18... "I am leaving Documentum in a strong financial condition and with a solid financial organization," said Corey. Company starting search for successor, says CEO Dave DeWalt…




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