Pinnacle Systems appoint interim President & CEO

Pinnacle Systems have announced that J. Kim Fennell has resigned as the Company's President and Chief Executive Officer, and as a member of the Board of Directors, effective immediately.
The Board of Directors has appointed Charles J. Vaughan, a current Board member, to serve as the Company's interim President and Chief Executive Officer. A board-directed search for a successor is now underway.
Mark L. Sanders, Chairman of the Board, said: "Chuck was the lead investor at the company's inception in 1986 and has served on the board since that time. During his successful career he has held many senior management positions with diverse public companies including General Electric. He is a seasoned leader and is well acquainted with Pinnacle's opportunities for profitable growth. The Board and I look forward to working with him during this important management transition. We appreciate Kim's contributions to the Company and his assistance in this transition. We also wish him well in his future endeavours."
Vaughan said: "Pinnacle is a strong and diverse company that is well positioned for continuing success. I look forward to working with the entire team at Pinnacle to continue to serve our customers and execute the compelling business strategy already in place."
Vaughan has been a partner of VLCO Investments, a private investment firm that he founded, since 1985. He has held senior management and financial positions with a number of companies including General Electric Company where he was President of General Electric Technical Services Company, Vice President of Auditing and Chief Financial Officer of the International and Consumer Products sectors.
(GB)