UPDATE: Emulex Announces Leadership Transition, Preliminary June Quarter Results In Line

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Emulex Corporation
ELX
, a leader in network connectivity, monitoring and management, today announced that its board of directors has unanimously approved a leadership succession that will ensure a seamless transition and continued strong leadership at Emulex. As part of this, Jeffrey W. Benck, Emulex's current president and chief operating officer (COO), has been appointed president and chief executive officer (CEO) of Emulex and a member of the board of directors, effective immediately. James M. McCluney, who has served as Emulex's CEO since 2006, has been named executive chairman of the board, also effective immediately. Paul Folino will step down from his role as chairman and will continue as a director. (Logo: http://photos.prnewswire.com/prnh/20120403/NE81278LOGO ) Mr. Benck joined Emulex in 2008 as COO, and was promoted to president in 2010. He has been instrumental in driving the company's Ethernet strategy, customer and market expansion. During his time as CEO, Mr. McCluney has successfully transformed Emulex's leading product offerings, expanded the business through acquisitions and organic initiatives, while leading the company through numerous economic and strategic events. "As chief executive officer of Emulex for the past seven years, one of my key responsibilities was to build a strong leadership team. Having worked closely with Jeff over the past five years, I am confident that he and the current senior management team will continue to drive success for the company," stated Jim McCluney. "I will be actively involved in the business as the executive chairman of the board, working closely with Jeff and the management team to drive shareholder value while focusing on our long-term strategic plan. I also want to thank Paul Folino for his support and leadership as chairman of the board, and I look forward to working closely with him in my new role." "As the chairman of the board, it has been my pleasure to work with both Jim and Jeff on this succession plan, which has been in process for several years," stated Paul Folino. "As Jim transitions to his new role, I look forward to continuing my participation on the board." "I would like to thank Paul, Jim and the entire board of directors for their confidence and support," stated Jeff Benck, chief executive officer, Emulex. "Emulex is well-positioned to execute on our strategic vision and continue delivering value to our shareholders. I am grateful for the opportunity to lead this great company and I am excited about our market opportunities." Preliminary June Quarter Results Preliminary results for the fourth quarter include total net revenues of $119 to $120 million, which is at the midpoint of our May guidance of $118 to $122 million. Preliminary estimated Non-GAAP diluted earnings per share for the quarter are also expected to be in line with our May guidance of $0.11 to $0.13 per share. On a GAAP basis, certain valuation work, including the valuation and purchase price allocation associated with the Endace acquisition, are not yet complete. Therefore, Emulex is unable to estimate or comment on GAAP loss per share for the quarter at this time. About Jeff Benck Jeff Benck joined Emulex in May 2008 as executive vice president and COO and was subsequently appointed to the position of president and COO in August 2010. In his role as COO, Mr. Benck oversaw the company's engineering, marketing, business development, operations and sales organizations. Mr. Benck has also played a key role in contributing to the corporate strategy and is focused on further diversifying the Emulex product portfolio and delivering growth through the deployment of converged networking. Previously, Mr. Benck served as president and COO at QLogic. Prior to joining QLogic, he spent 18 years at IBM, most recently serving as vice president of xSeries, BladeCenter and Retail Store Solutions development. While at IBM, Mr. Benck's focus included growth initiatives, product development, marketing and strategy, portfolio management and customer relationships. Mr. Benck is widely known for his role in establishing IBM's blade server product line. Mr. Benck holds a Master of Science degree in management of technology from University of Miami and a Bachelor of Science degree in mechanical engineering from Rochester Institute of Technology. Mr. Benck holds six U.S. patents in the computer systems field. About Emulex Emulex, a leader in network connectivity, monitoring and management, provides hardware and software solutions for global networks that support enterprise, cloud, government and telecommunications. Emulex's products enable unrivaled end-to-end application visibility, optimization and acceleration. The Company's I/O connectivity offerings, including its line of ultra high-performance Ethernet and Fibre Channel-based connectivity products, have been designed into server and storage solutions from leading OEMs, including Cisco, Dell, EMC, Fujitsu, Hitachi, HP, Huawei, IBM, NetApp and Oracle, and can be found in the data centers of nearly all of the Fortune 1000. Emulex's monitoring and management solutions, including its portfolio of network visibility and recording products, provide organizations with complete network performance management at speeds up to 100Gb Ethernet. Emulex is headquartered in Costa Mesa, Calif., and has offices and research facilities in North America, Asia and Europe. For more information about Emulex
ELX
please visit http://www.Emulex.com.
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