"Mr. Halvorsen's appointment is a planned strategic turning point in the development of the company's global business," said Board Chairman Jan Chr. Opsahl. "We firmly believe that Fredrik Halvorsen's strong leadership and strategic skills, combined with a dynamic and experienced senior management team, will provide the focus and energy to deliver stability, growth and increased shareholder value," he said.
Mr. Opsahl said the short-term performance of TANDBERG is impacted by a number of significant shifts in the market, including customer demands for TANDBERG's total solution. These solution sales are more complex and carry longer sales lead-times. The moves the company announced are "designed to ensure growth, the long-term success of the company and to deliver shareholder value," he said.
In his new role, Mr. Halvorsen - who joined TANDBERG in June 2005 from McKinsey & Company where he maintained a significant international financial and management consultancy - will focus on developing a culture of long-term achievement. He already has singled out some key priorities that include building a highly motivated and competent organization, executing on a focused research-and-development program and positioning TANDBERG as the partner of choice in the communications industry.
"The long-term outlook for our industry is phenomenal, and I believe that TANDBERG has the right people, products and partners to be the dominant force in visual communication worldwide," Mr. Halvorsen said.
"As is typical in emerging technology markets, we need to take a long-term view and we cannot afford to only concentrate on our own or others' expectations on a quarterly basis. Just as you can't win a marathon with a series of short sprints from a standing start, running a market-leading company requires a long-term game plan," Mr. Halvorsen said.
TANDBERG said it already is in a strong position to achieve its objectives. Its revenues have grown by 150 percent over the past three years, it has no debt and approximately $200 million (U.S.) in cash. TANDBERG maintains important strategic relations with customers and partners around the world built on mutual trust and commitment, as well as a reputation for technology innovation that makes it a recognized leader in the global communications market.
TANDBERG is a leading global provider of visual communication products and services. The Company has dual headquarters in New York and Norway. TANDBERG designs, develops and markets systems and software for video, voice and data. The Company provides sales, support and value-added services in more than 90 countries worldwide. TANDBERG is publicly traded on the Oslo Stock Exchange under the ticker TAA.OL. Please visit www.tandberg.net for more information.