December 19, 1996 |
Santa Clara-based Bay Networks Inc., keeping up with rivals in the computer networking business, said it paid $99 million in cash and stock to buy closely held NetICs Inc. The acquisition gives Bay Networks a line of devices called Fast Ethernet switches that are becoming increasingly popular with computer technicians for speeding up the flow of information through corporate computer networks. Bay Networks' rivals Cisco Systems Inc. and 3Com Corp.
December 4, 1996 |
Bay Networks Inc. said its chief financial officer, William Ruehle, will resign, the second management change since the computer networking company named an Intel Corp. executive as its chairman and president. The Santa Clara-based company said Ruehle, 54, will step down as CFO and executive vice president as soon as a successor is found. Ruehle said he is leaving in hopes of joining a smaller company. Bay named Intel veteran David House its chairman, president and chief executive on Oct. 30.
January 22, 1998 |
Bay Networks Inc. shares fell about 10.5% after the Santa Clara-based company reported slower-than-expected sales growth for several products. Shares of Bay, the No. 3 maker of computer-networking equipment, fell $2.56 to close at $27 in New York Stock Exchange trading.
March 5, 1997 |
Bay Networks Inc., former Chief Executive Andrew Ludwick and other executives have been named in a shareholder lawsuit charging them with making misleading statements about the company before a disappointing earnings report. The suit was filed in U.S. District Court in San Francisco. Bay Networks shares fell $3.375, or 14%, to $20.875 on Oct. 15 after the company posted fiscal first-quarter earnings of 3 cents a share. Analysts had been expecting the Santa Clara-based company to earn 29 cents.
January 9, 1997 |
Bay Networks Inc. named David Rynne, Santa Clara-based Tandem Computers Inc.'s chief financial officer, its new CFO. The hiring is the third senior management change since October at Bay Networks, which is revamping operations to keep pace with its rivals. The Santa Clara maker of computer-networking equipment said Rynne will replace William Ruehle by the end of the month. Ruehle said last month that he would resign and hoped to join a smaller company.
November 12, 1997 |
Rockwell International Corp. said it sued Bay Networks Inc., alleging that Bay Networks breached an agreement letting it make computer-networking equipment using Rockwell's modem technology. Billerica, Mass.-based Bay Networks makes remote-access products for Internet service providers and phone companies to handle calls from millions of customers. It's remote-access products can use either Rockwell's K56flex technology or 3Com Corp.'s rival X2 technology.