A leading provider of video and audio conferencing equipment
and related network infrastructure,
) appointed Peter Leav as the president and chief executive
officer (CEO) effective Dec 2, 2013.
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Mr. Leav, 42, succeeded Andrew Miller, the former CEO of Polycom
who quit in July this year, following inconsistencies in his
accounts. After Miller's exit, Kevin Parker was named the interim
CEO. Parker has been discharged of his responsibilities presently
and will remain as the board's chairman.
Previously, Mr. Leav held an important position in NCR Corp.
since 2009. He was in charge of the direct and indirect sales
channels of the company. Prior to this, he was with Motorola and
Cisco Systems Inc.
Polycom posted mixed financial results for the third quarter of
2013. However, the company provided a disappointing financial
outlook for the ensuing fourth quarter. Total revenue in the
third quarter of 2013 was $336.5 million, up 0.3% year over year
and nominally above the Zacks Consensus Estimate of $336 million.
Segment wise, Product revenues were $242.5 million, down 1.8%
year over year. Service revenues were $94 million, up 6.4% over
the prior-year quarter.
A strong sales background coupled with huge business exposure
across North America, Latin America and EMEA (Europe, Middle East
and Africa) markets will certainly help Mr. Leav boost the
company's top-line growth going forward.
Currently, Polycom carries a Zacks Rank #3 (Hold).
Other Stocks to Consider
However, better-ranked stocks in the same sector include
Ubiquiti Networks, Inc.
Motorola Solutions, Inc.
). Ubiquiti Networks has a Zacks Rank #1 (Strong Buy) while
Motorola Solutions has a Zacks Rank #2 (Buy).