Ailing Sync Research Names 4th CEO

Irvine-based Sync Research Inc., which has never recorded an annual profit in its six years as a publicly held company, has appointed its fourth chief executive in three years.

William Guerry, who joined Sync Research two years ago as chief financial officer and has served as vice president of manufacturing since March, took over as president and chief executive from Dick Martin, who will retire Nov. 30, the company said Monday.

The company, which manufactures computer networking devices, has lost more than $53 million since 1993. Last year, it lost $15.5 million on revenue of $24.7 million.

Since its dazzling Wall Street debut in 1995, when the company’s stock more than doubled on its first trading day and later climbed to $280 a share when adjusted for stock splits, the stock has been in a free fall.

On Monday, the stock rose 6 cents a share to $2.25 on light Nasdaq trading.

“We see a company that has some good technological tools with some really strong people,” said Guerry, who predicted incremental revenue growth through the end of this year and into next. He declined to indicate when he believed the company would turn a profit.

Guerry, who was promoted when the board of directors met Friday, also takes a seat on the board.

In the last year and a half, the company has reduced its work force from 150 to about 100, moved to a smaller headquarters and refocused on the mid-size mainframe market.

Initially, Sync drew praise for its line of devices that helped companies get more mileage from aging computer networks. But in recent years, the company has faced increased competition and has been plagued by deals that were slow to develop.

In August, an investment group led by Warren Lichtenstein said it had acquired a 9.7% stake in Sync Research and that the group may propose a sale of all or a portion of the company if its shares remain undervalued. Recent filings with the Securities and Exchange Commission showed that Lichtenstein’s group has raised its stake in the company to 14.9%.

Guerry said neither he nor anyone else at Sync has had any discussions with Lichtenstein about the direction of the company or his intentions for accumulating the stock.

Lichtenstein could not be reached for comment.