Tollgrade Announces Changes to Board Leadership Structure and Plans to Enhance Board's Industry Expertise
- Selects CEO Joseph A. Ferrara as Chairman of the Board
- Leading Board Search Firm Retained
PITTSBURGH, May 13 /PRNewswire-FirstCall/ -- Tollgrade Communications, Inc. (Nasdaq: TLGD), a leading provider of network service assurance to the telecommunications industry, today announced that its Board of Directors has unanimously approved a change in the leadership structure of the Tollgrade Board and plans to enhance its industry expertise through the addition of individuals with deep and broad operating backgrounds in the telecom industry.
Effective May 12, 2009, Joseph A. Ferrara, Tollgrade's President and Chief Executive Officer and a current member of the Tollgrade Board, assumed the additional role of Chairman of the Board succeeding Daniel P. Barry, who will remain on the Board. Mr. Ferrara, who has an extensive telecom industry background, has served as Tollgrade's President and Chief Executive Officer since November 2007. Prior to joining Tollgrade, Mr. Ferrara was General Manager of Ericsson's Data Networks division, and was CEO of its predecessor Marconi's North American operations where he managed the global business of its wireless and data networks divisions.
The Tollgrade Board selected Mr. Ferrara to serve in the additional role of Chairman because the combined roles will provide stronger and more effective leadership for Tollgrade as he continues to implement the new strategic direction which is repositioning the company for growth.
To continue to maintain independent Board leadership, the independent directors have appointed current Board member Robert W. Kampmeinert who is Chairman and Executive Vice President of Janney Montgomery Scott, to serve as independent lead director.
Seeking to add more telecom industry expertise to its Board, Tollgrade has retained CTPartners, one of the nation's leading executive search firms, to assist the Board in qualifying and interviewing industry experts who would be appropriate candidates for the Board. The Tollgrade Board believes that enhancing its collective industry capabilities through a comprehensive search process will benefit the Company and all of its shareholders.
About Tollgrade
Tollgrade Communications, Inc. is a leading provider of network service assurance products and services for centralized test systems around the world. Tollgrade designs, engineers, markets and supports centralized test systems, test access and status monitoring products, and next generation network assurance technologies. Tollgrade's customers range from the top telecom and cable providers, to numerous independent telecom, cable and broadband providers around the world. Tollgrade's network testing, measurement and monitoring solutions support the infrastructure of cable and telecom companies, as well as for power distribution companies. For more information, visit Tollgrade's web site at www.tollgrade.com.
Forward-Looking Statements
The foregoing release contains "forward-looking statements" regarding future events or results within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning the benefits to be provided from the change in Board leadership and its ability to find and retain qualified candidates for the Board.
The Company cautions readers that such "forward-looking statements" are, in fact, predictions that are subject to risks and uncertainties and that actual events or results may differ materially from those anticipated events or results expressed or implied by such forward-looking statements. The Company disclaims any current intention to update its "forward-looking statements," and the estimates and assumptions within them, at any time or for any reason. Any number of factors that could cause actual events or results to differ materially from those contained in the "forward-looking statements" is included in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC") including, but not limited to, the Company's Form 10-K for the year ended December 31, 2008 and any subsequently filed reports. All documents are also available through the SEC's Electronic Data Gathering Analysis and Retrieval system at www.sec.gov or from the Company's website at www.tollgrade.com.
