ALISO VIEJO, Calif., May 27, 2004 (PRIMEZONE) -- QLogic Corp. (Nasdaq:QLGC), the company that powers storage area networks (SANs), today announced the appointment of Tony Massetti to the position of vice president and CFO, effective immediately. He replaces Frank Calderoni, whose resignation had been previously announced in February. Massetti has served the company as interim CFO since Calderoni's departure and previously held the position of vice president of finance for two years at QLogic. He has more than 20 years of financial and accounting experience with several companies, including over 15 years at IBM.
"Tony has proven to be exceptional in his role here as vice president of finance and a key contributor to building a solid financial organization," said H.K. Desai, president, CEO and chairman. "The board and I are fully confident he has the right background and leadership skills to take on the CFO position."
"I've been fortunate to have worked closely with the previous CFO for the past two years as I now transition to this critical position," said Massetti. "Moving forward, I hope to continue to build on the foundation that my predecessor has created for QLogic's financial success."
Massetti will report directly to Desai in his new role.
Powered by QLogic
Since 1993, over 50 million QLogic products have shipped inside servers, workstations, RAID subsystems, tape libraries, disk and tape drives. These products were delivered to small, medium and large enterprises around the world. Powering solutions from leading companies like Cisco, Dell, EMC, Fujitsu, Hitachi, HP, IBM, Network Appliance, Quantum, StorageTek and Sun Microsystems, the broad line of QLogic controller chips, host bus adapters, network switches and management software move data from storage devices through the network fabric to servers. A member of the S&P 500 and NASDAQ 100, QLogic was named to the following during fiscal year 2004: (i) Fortune's 100 Fastest Growing Companies list for the fourth consecutive year; (ii) Forbes' Best 200 Small Companies for the fifth consecutive year; and (iii) Business Week's list of 100 Hot Growth Companies. For more information visit www.qlogic.com.
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Disclaimer -- Forward Looking Statements
This press release contains statements relating to future results of the Company (including certain beliefs and projections regarding business trends) that are "forward-looking statements" as defined within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-looking statements. The Company wishes to advise readers that these potential risks and uncertainties include, but are not limited to: the volatility of the Company's stock price; fluctuations in operating results; the dependence on the storage area network market; the ability to maintain and gain market or industry acceptance of the Company's products; the dependence on a limited number of customers and fluctuations or cancellations in orders from customers; the ability to compete effectively with other companies; a reduction in sales efforts by current distributors; the dependence on relationships with certain silicon chip suppliers and other subcontractors; the complexity of the Company's products; terrorist activities and resulting military actions; international, economic, regulatory, political and other risks; changes in semiconductor foundry capacity; the ability to maintain or expand upon strategic alliances; the strain on resources caused by rapid growth and expansion; the ability to attract and retain key personnel; and the ability to protect proprietary rights or to satisfactorily resolve any infringement claims.
More detailed information on these and additional factors which could affect the Company's operating and financial results are described in the Company's Forms 10-K, 10-Q and other reports, filed or to be filed with the Securities and Exchange Commission. The Company urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces. The forward looking statements contained in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
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