Symbol Technologies’ CEO, acting chairman resigns

Holtsville, NY— Symbol Technologies Inc. reported Dec. 30 that its CEO and acting board chairman, Richard Bravman, has voluntarily stepped down, and that its board has appointed Symbol’s president and COO, William Nuti, to succeed Bravman as chief executive and board member. Bravman is expected to remain with the firm for a year as a senior advisor to Nuti and the board. The board also has named lead independent director Salvatore Iannuzzi as non-executive chairman.

Bravman voluntarily gave up his roles as CEO and board member to facilitate a favorable conclusion to a previously reported U.S. government investigation into Symbol’s past accounting practices. Symbol adds that Bravman participated in a single trans-action in 2Q01, initiated by others at Symbol, which involved the premature recognition of approximately $860,000 in revenue.

Symbol also announced that it filed Dec. 30 its 2002 annual report on Form 10-K with the U.S. Securities and Exchange Commission. This report includes a financial restatement for 1998 through 2001 and the first three quarters of 2002.

Control Engineering Daily News DeskJim Montague, news editor jmontague@reedbusiness.com

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