3Com announced yesterday that the company has hired a new chief financial officer.
Michael Rescoe will have responsibility for all of the US networking equipment maker's financial issues in his new role as company CFO and senior vice president, finance and planning, 3Com said in a statement. Rescoe, previously employed as CFO at utility PG&E Corp., will report directly to 3Com Chairman and Chief Executive Officer Eric Benhamou.
3Com's previous CFO -- Chris Paisley -- is leaving the company to join Santa Clara University's faculty as a teacher in the third quarter of this year. Paisley will stay on at 3Com before taking up his university duties. He joined the company as CFO in September 1985 and has seen 3Com's annual sales operations grow from around $US50 million to close to $6 billion, according to the company.
In March of this year, 3Com announced a slight increase in its third-quarter results with revenue growing to $1.42 billion compared with $1.41 billion in the year-ago quarter. At the same time, the networking equipment company said it would withdraw from enterprise-level LAN (local area network) and WAN (wide area network) markets.