Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, September 8, 1993 TAG: 9309080010
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: DANIEL HOWES STAFF WRITER
DATELINE: LENGTH: Short
Richard Popp, president and chief executive officer for five years, submitted his resignation last Wednesday, Chairman Albert Bender confirmed Tuesday.
"He came in at a time when FiberCom was losing over $1 million and did a tremendous job at turning the company around," said Bender, acting president until a replacement is selected.
Bender, who helped found the company in 1982, said Popp's resignation should not be seen as an indication that Popp "wasn't performing. This became his choice in terms of his life and his career."
Popp could not be reached for comment.
Bender, however, signaled that Popp's departure may have been precipitated by differing assessments of the company's progress in recent years. "We did not quite reach the levels of performance we wanted to reach by this point in time," Bender said.
"Don't get me wrong: We're doing quite well," he continued. "But not well enough" to offer shares to would-be investors in an initial public offering.
Last year, FiberCom recorded $24 million in sales, up from $22.3 million in 1991. Bender said the 220-employee company expects to reach $28 million in sales this year, a 16.6 percent increase.
Asked if Popp resigned in a dispute with the board, Bender replied, "There are always disputes with the board."
by CNB