Fennel takes top job at Pinnacle

Pinnacle Systems have appointed J. Kim Fennell as the new President and CEO of the company, effective from July 1 2002.
Mr Fennell most recently served as President and CEO of StorageWay, a leading storage service provider in Fremont, California, prior to which he was a vice president and officer of Lucent Technologies.
Mark Sanders, the President and CEO of Pinnacle Systems for the past 12 years, assumes the role of Chairman of the Board, and will continue to be actively involved in the company. Mr Sanders joined Pinnacle Systems in January 1990, and has presided over the growth of the company from a small start-up to a diversified, public, global company with dozens of industry-leading product lines spanning from high-end broadcast to consumer video.
Pinnacle sales grew to more than $250 million as of last fiscal year and has $80 million in cash (as of the end of last fiscal quarter). Under Mr Sanders's leadership, Pinnacle Systems went public in 1994, completed two follow-on public stock offerings, and has grown 25 fold since the IPO, putting it in the top ranks of the fastest growing companies in America.
Mr Sanders said: “Kim joins us at a very exciting time, bringing skills and experience which are essential for us to continue to grow at the pace we have enjoyed. Pinnacle Systems is very well positioned in the video industry, with deep technology advantages. Kim’s extensive sales and marketing talents, combined with his general management capabilities running billion-dollar businesses, and his international experience complement the strengths of Pinnacle’s management team.
"Our goal remains unchanged: We intend to be the dominant provider in the digital video market, and Kim is a great match to take Pinnacle Systems to the next level,” he added.
Pinnacle Systems, www.pinnaclesys.com
(GB)