Franklin CEO Peters to Step Down
* Franklin Telecommunications Corp., a maker of high-speed networking equipment for data transmissions, said Chief Executive Frank W. Peters will step down as CEO once the company finds a replacement. Peters, who will remain chairman, said the hiring of a new CEO is part of the company’s strategy to move from being an entrepreneurial firm “respected for its technological capability into becoming a significant, commercially successful business.
“The new CEO’s responsibilities will include providing professional management and establishing those strategic partnerships necessary to bring Franklin to its full growth potential,” Peters said.
Franklin, based in Westlake Village, reported a net loss of $2.9 million, or 10 cents per share, in the quarter ended March 31, on sales of $800,000. That contrasted with net income of $382,000, or 1 cent, on sales of $4.3 million a year earlier. Franklin shares rose 6 cents to close at 94 cents on the American Stock Exchange.
* Eric Olson has been promoted to editor in chief of Express.com, a Los Angeles-based online retailer of DVDs, CDs and games. He will also supervise the company’s sister site, DVD.com, where he worked previously. The company also promoted Gaetano Frizzi, who will be vice president of human resources. He was previously director of human resources.
* Unova Inc., a Woodland Hills-based maker of automated data collection systems, said Chairman and Chief Executive Alton Brann will remain in his post, postponing a previously announced succession plan. Larry Brady, president and chief operating officer, is expected to succeed Brann as CEO in April, Until then, Brady will head the company’s Intermec unit, based in Everett, Wash. Robert O’Malley, who previously headed the unit, has left Unova “to pursue other interests,” the company said. The company also said that Thomas O. Miller, who is head of Intermec’s systems and solutions activities, will expand his responsibilities to include North American sales and marketing.
Unova shares fell 25 cents to close at $7.69 on the New York Stock Exchange. The announcements were made after the close of regular U.S. trading.
* Patrick Mitchell, chief investment officer for the $112-billion California State Teachers’ Retirement System, will join Metropolitan West Financial Inc. as a partner in charge of private equity and real estate investing. Mitchell also will coordinate the Los Angeles-based firm’s high-yield bond investing.
* Rebecca Bergman Mack has been named a vice president in the Los Angeles office of public relations firm Fleishman-Hillard Inc. She was formerly manager of investor relations at PacifiCare Health Systems in Santa Ana.
