According to The New York Times, 3Com announced yesterday that CEO Bruce L. Claflin will retire as soon as the board names a successor. Claflin will aid in the CEO search and stay on as a consultant for six months during the transition period. He’ll also get a payment of $3.3 million – his salary and maximum bonus for two years.
The company said Claflin was leaving for personal reasons and because he had accomplished his business goals.
3Com also said it reconfirmed its plan to reach a break-even model before restructuring and amortization expenses, in its fiscal quarter ending February 2007. The networking systems vendor has lost money for the past five years.