This excerpt taken from the VRSN 8-K filed Jul 3, 2008.
to Executive Chairman, President and CEO
Mountain View, Calif. July 3, 2008 VeriSign, Inc. (NASDAQ: VRSN) today announced that its board of directors has named Jim Bidzos executive chairman, on an interim basis. Additionally, the board of directors elected Mr. Bidzos president and chief executive officer, on an interim basis, replacing William A. Roper, who resigned from the company and the board of directors effective June 30, 2008.
As the companys founder and initial CEO, Mr. Bidzos has served as either chairman or vice chairman of the board of directors of VeriSign since April 1995. Mr. Bidzos also served in both senior-executive and board level capacities with RSA from 1986 to 2002.
VeriSign remains committed to our strategy of focusing the company on its core businesses while continuing the divestiture of all non-core operations, which will proceed as planned. We continue to expect that most sale transactions will be substantially completed this year, said Mr. Bidzos. As chairman during the last year, I have been actively involved with VeriSigns management team and I now look forward to capitalizing on the companys growth opportunities within its core businesses and new opportunities that align with the companys core competencies.
Mr. Bidzos said, Over the last year, Bill Roper led the development and implementation of the companys strategy to focus the company on its core businesses. Hes also improved the companys capital structure with the repurchase of more than 28 percent of the shares outstanding. We appreciate Bills contributions in implementing this divestiture strategy, which the board and the company are fully committed to continuing.
Mr. Roper said, I have enjoyed my association with VeriSign immensely. The success of our strategy of focusing the company on its core capabilities in Internet infrastructure is reflected in improved operating and financial results. I wish the best for my former colleagues as I move on to the next chapter in my career.
The Company also announced that it expects revenue for its second quarter 2008 will meet or exceed current consensus estimates as reported by Thomson Financial. The company will announce second quarter 2008 financial results on August 6, 2008.
Todays Conference Call
VeriSign will host a live teleconference call today at 11:00 am (PDT) to introduce Mr. Bidzos. The call will be accessible by direct dial at 888-676-8776 (US) or 913-312-0724 (International).
A listen-only live web cast as well as a replay will also be available at http://investor.verisign.com.
A replay of this call will be available at 888-203-1112 or 719-457-0820 (passcode: 5349975) beginning at 2:00 pm (PDT) on July 3 and will run through July 9.
This press release is available on the Investor Relations section of the VeriSign website at http://investor.verisign.com.