SUNNYVALE, CA, Jan 26, 2010 (MARKETWIRE via COMTEX) -- Infinera Corporation (NASDAQ:INFN, news, filings) announced today that Ita Brennan, vice president, finance and corporate controller, will succeed Duston M. Williams as chief financial officer in June 2010. Williams has been CFO of Infinera since June 2006. Brennan joined Infinera four years ago from Maxtor Corporation and she has held an increasing set of responsibilities in the finance organization since that time.
Before her service at Infinera, Brennan served in senior financial and operations capacities in the U.S. and Europe at Maxtor, the multi-billion dollar disk drive maker. Prior to Maxtor, Brennan was at Informix Software Ireland Corp. She began her finance and accounting career at Deloitte & Touche.
"I am very excited about having the opportunity to lead the Infinera finance team at this juncture in the company's development," said Brennan. "We have recruited a world-class team, built a company with a unique long-term business model, and I am looking forward to helping to manage our growth and development in the next several years."
In explaining his decision to resign, Williams said: "I have accomplished much of what I set out to do at Infinera -- prepared and helped take the company public, built a strong balance sheet and created a strong finance organization that is tightly integrated and highly respected company-wide and within the optical transport industry. A key part of that effort has been the development of Ita Brennan as the next leader of the finance team. Ita and I have worked together closely for the last five years at two public companies. I have every confidence that the finance team led by Ita has the financial discipline, controls and expertise necessary to support Infinera's growth in the future."
Jagdeep Singh, executive chairman, said: "Since before our initial public offering, Duston has helped Infinera through a critical stage in its history as a company, building an outstanding finance group and overseeing the development of an outstanding balance sheet. We are grateful for his contributions to the company."
Tom Fallon, president and chief executive officer, stated: "We are delighted to have an executive of Ita Brennan's caliber and experience to lead our finance organization during our next stages of development and growth. I look forward to her being a key member of the senior leadership team at Infinera."
Infinera provides Digital Optical Networking systems to telecommunications carriers worldwide. Infinera's systems are unique in their use of a breakthrough semiconductor technology: the photonic integrated circuit (PIC). Infinera's systems and PIC technology are designed to provide customers with simpler and more flexible engineering and operations, faster time-to-service, and the ability to rapidly deliver differentiated services without reengineering their optical infrastructure. For more information, please visit http://www.infinera.com/.
This press release contains forward-looking statements, including statements about our belief on our future growth and development. These forward-looking statements involve risks and uncertainties, as well as assumptions that if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include our ability to react to trends and challenges in our business and the markets in which we operate; our ability to anticipate market needs and develop new or enhanced products to meet those needs; the adoption rate of our products; our ability to establish and maintain successful relationships with our customers; our ability to reduce customer concentration; our ability to compete in our industry; fluctuations in demand, sales cycles and prices for our products and services; shortages or price fluctuations in our supply chain; our ability to protect our intellectual property rights; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission (SEC). More information about these and other risks that may impact Infinera's business are set forth in our annual report on Form 10-K, which was filed with the SEC on February 17, 2009, as well as subsequent reports filed with the SEC. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
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