MOUNTAIN VIEW, Calif., May 8 /PRNewswire-FirstCall/ -- Ditech Networks, Inc. today reported that Tim Montgomery, Ditech's CEO, President and Chairman has announced his plans to retire after 10 years with the company. Ditech's Board of Directors has initiated an executive search for his replacement. Mr. Montgomery will continue to serve in all his executive capacities until his replacement is found.
Mr. Montgomery joined the company in 1997 as Senior Vice President of Sales and Marketing. In that role, he spearheaded the expansion of Ditech's North American echo cancellation business. He was promoted to CEO and President in 1998, and is credited with leading one of the most successful IPO's in Silicon Valley in 1999 when Ditech Communications went public. In 2000, Montgomery was named Ditech's Chairman of the Board. In recent years, Montgomery has broadened the company's voice quality solutions and led the company's expansion into international markets. Most recently, he oversaw the company's repositioning efforts and identity change to Ditech Networks and introduced the company's first VoIP products aimed at further customer and business diversification.
"It's been an honor and a privilege to lead Ditech over the years," said Tim Montgomery. "I'm very optimistic about the changes put in place to further transform the company into a diversified, worldwide equipment supplier. Ditech's talented management team is capable of executing the new fiscal year's plan and growing the company well into the future. As a result, I have great confidence in a bright future for the Company."
About Ditech Networks
Ditech Networks supplies voice processing equipment for telecommunication networks around the world. Ditech Networks' solutions incorporate advanced voice processing, Session Initiation Protocol (SIP), and security technologies delivered on carrier-grade scalable platforms to enhance the delivery of communications services over mobile, Voice over IP, and wireline networks. Ditech Networks' customers are premier network operators including Verizon Wireless, Sprint/Nextel, Orascom Telecom, and others that collectively serve more than 150 million subscribers. Ditech Networks is headquartered in Mountain View, California. For more information, visit http://www.ditechnetworks.com/.
Forward-Looking Statements
The statements in this press release with respect to Ditech Networks' ability to further transform into a diversified, worldwide equipment supplier, Ditech Networks' capability of executing the new fiscal year's plan and growing the company and its prospects for the future are forward-looking statements. Actual results could differ materially as a result of numerous risks and uncertainties. Future results may vary from statements in this press release due to: shipment of products Ditech Networks expects to ship before the end of the first quarter may be delayed or cancelled due to unexpected factors and events affecting its customers; Ditech Networks may experience weakening in demand for its voice and echo cancellation products due to competitive or other factors; component supply problems may occur as a result of factors beyond its control, which could delay product shipments and revenue recognition; infrastructure demand could weaken or remain flat due to weakness in the economy or for other unanticipated reasons; Ditech Networks' competitors may develop products that compete favorably with its new products; Ditech Networks has a limited number of customers, the loss of any one which could cause its revenues to decrease materially; as well as those detailed in the section entitled "Future Growth and Operating Results Subject to Risk" in Ditech Networks' Quarterly Report on Form 10-Q for the quarter ended January 31, 2007 (filed March 12, 2007 with the Securities and Exchange Commission).
