Leveraging Deep Business Knowledge, New Energy and Financial Expertise to Drive a Greater Focus on Profitable Growth
MARTINSRIED/MUNICH, Germany, Jan. 2, 2015 (GLOBE NEWSWIRE) -- ADVA Optical Networking (FSE: ADV) announced the appointment of Ulrich Dopfer as Chief Financial Officer (CFO), effective January 1, 2015. Ulrich Dopfer will take over the role of CFO and president of our North American subsidiary from Jaswir Singh, who has served in this position since 2007. Ulrich Dopfer, previously the company's vice president of financial planning & analysis and corporate services has served in various financial and business roles at ADVA Optical Networking since 2004. Jaswir Singh left ADVA Optical Networking on December 31, 2014. Christoph Glingener, who has been serving as Chief Technology Officer (CTO) since 2007, will take over ADVA Optical Networking's industry leading operations team headed by Paulus Bucher, senior vice president global operations, in order to integrate research and development, new product introduction and global operations into a unified development operations team.
"As we optimize our company for success in a challenging macroeconomic environment, changes to our management board reflect our promise to ADVA Optical Networking's shareholders, to continue to optimize our costs, add flexibility to our operations capacity and invest appropriately in revenue-generating activities, key ingredients for sustainable growth," stated Brian Protiva, Chief Executive Officer of ADVA Optical Networking. "Dopfer is the right fit and the right Chief Financial Officer to lead ADVA Optical Networking in a new market dynamic, determined by fierce competition and rapid innovation. His tenacity, fresh perspective and overwhelming support from our employees will enable us to approach the coming years with the best ideas and the soundest strategy possible. A proven leader, Ulrich Dopfer brings valuable business instinct and dedication to our organization to further develop the structures and processes necessary to support profitable growth. We are very excited and look forward to adding Dopfer's leadership and talent to our executive team."
"Jaswir Singh was a key member of ADVA Optical Networking's Management Board and was instrumental in driving the company's growth and profitability over the past seven years. Furthermore, under Singh's leadership, ADVA Optical Networking today demonstrates a sound balance sheet, deemed best-in-class in the industry, consistently achieving record levels of gross cash and net liquidity. I thank Jaswir for his excellent service and dedication to ADVA Optical Networking and wish him all the best in his new endeavor."
Ulrich Dopfer, a ten-year ADVA Optical Networking veteran, led the Company through some key financial initiatives taking increasing responsibility since he joined in 2004. Dopfer strategically optimized major processes, systems and support infrastructure, enabling ADVA Optical Networking to maintain the right balance between vision and execution. He brings to the ADVA Optical Networking management board extensive financial and operational experience and will take over global responsibility for all finance, accounting, controlling, legal and commercial affairs, IT, investor relations and support for M&A activities. Combining his operational expertise with his vast financial skills and strong leadership style, Ulrich provides ADVA Optical Networking with the ability to flexibly steer the Company in a volatile, high-growth environment with an energy and enthusiasm that has enabled him to lead and motivate a growing global team.
"I am honored to join ADVA Optical Networking's management board, leading the company through its next phase. The Company continues its focus to driving change and creating new opportunities. We will streamline the organizational structure, improve cost management and increase profitability. ADVA Optical Networking's team continues to impress me with its endurance, strength and a determination to outperform," stated Dopfer. "I love working with people and I am a big fan of teamwork. We will be successful by empowering the right talent in the right positions. I look forward to helping set the strategic future direction of the company and to help drive positive change, delivering the highest value to ADVA Optical Networking's stakeholders."
Ulrich Dopfer joins the current executive team, consisting of Chief Executive Officer Brian Protiva and Chief Technology Officer Christoph Glingener.
About ADVA Optical Networking
At ADVA Optical Networking we're creating new opportunities for tomorrow's networks, a new vision for a connected world. Our intelligent telecommunications hardware, software and services have been deployed by several hundred service providers and thousands of enterprises. Over the past twenty years, our innovative connectivity solutions have helped to drive our customers' networks forward, helped to drive their businesses to new levels of success. We forge close working relationships with all our customers. As your trusted partner we ensure that we're always ready to exceed your networking expectations. For more information on our products and our team, please visit us at: www.advaoptical.com.
The economic projections and forward-looking statements contained in this document relate to future facts. Such projections and forward-looking statements are subject to risks which cannot be foreseen and which are beyond the control of ADVA Optical Networking. ADVA Optical Networking is therefore not in a position to make any representation as to the accuracy of economic projections and forward-looking statements or their impact on the financial situation of ADVA Optical Networking or the market in the shares of ADVA Optical Networking.
ADVA Optical Networking provides consolidated pro forma financial results in this press release solely as supplemental financial information to help investors and the financial community make meaningful comparisons of ADVA Optical Networking's operating results from one financial period to another. ADVA Optical Networking believes that these pro forma consolidated financial results are helpful because they exclude non-cash charges related to the stock option programs and amortization and impairment of goodwill and acquisition-related intangible assets, which are not reflective of the Company's operating results for the period presented. This pro forma information is not prepared in accordance with IFRS and should not be considered a substitute for historical information presented in accordance with IFRS.
ADVA Optical Networking SE, Martinsried/Munich and Meiningen, Germany
t +44 1904 699 358
t +1 201 940 7212
Source:ADVA Optical Networking SE