Sonus And Legatum Agree To Appoint Two New Independent Members To Expand Sonus' Board
Following collaborative discussions between the Company and Legatum during the past several months, the Board has approved a number of corporate governance enhancements that complement Sonus' existing strong governance policies and practices. These enhancements include:
-- Declassifying the Board, as previously announced in December 2008, by the Company's 2011 Annual Meeting of Stockholders; -- Separating the roles of chairman and chief executive officer; and -- Forming an ad hoc Corporate Development and Investment Committee to focus on uses of the Company's cash, tax planning, strategic acquisitions, mergers and joint ventures, with the objective of enhancing stockholder value.
Under the agreement, Legatum will refrain from putting forth proposals or taking actions in connection with the Company's 2009 Annual Meeting of Stockholders.
"Sonus' Board is committed to the highest standards of corporate governance and today's announcement, coupled with our recent governance enhancements, is the latest positive step forward, demonstrating our ongoing commitment to enhancing stockholder value," said
"Legatum remains committed to supporting the Board and Management's efforts to drive long-term profitable growth and deliver shareholder value," said
The complete agreement will be included as an exhibit in the Company's Form 8-K to be filed with the Securities and Exchange Commission.
About Legatum Capital Limited
Legatum is a privately owned international investment organization, whose primary focus is commercial investment in international equities and financial securities, and which also applies its investor's expertise to a long-standing involvement in the sustainable development of communities around the globe. The Legatum Group was founded in
The Group is composed of a number of divisions: Legatum Capital, Legatum Global Development ("LGD"); the Legatum Institute, which publishes the annual Legatum Prosperity Index; and the Legatum Center at
About Sonus Networks
Sonus Networks, Inc. is a market leader in IP communications infrastructure for wireline and wireless service providers. With its comprehensive IP Multimedia Subsystem (IMS) solution, Sonus addresses the full range of carrier applications, including residential and business voice services, wireless voice and multimedia, trunking and tandem switching, carrier interconnection and enhanced services. Sonus' voice infrastructure solutions are deployed in service provider networks worldwide. Founded in 1997, Sonus is headquartered in
For more information, please contact: SONUS: Media Relations: Lucy Millington Matthew Sherman / Tim Lynch 978-614-8240 212-355-4449 lmillington@sonusnet.com msherman@joelefrank.com tlynch@joelefrank.com Investor Relations: David Roy / Karin Cellupica 978-614-8253 / 978-614-8615 droy@sonusnet.com kcellupica@sonusnet.com LEGATUM: Hamish Banks +971 4 317 5800 Hamish.Banks@legatum.com
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This release may contain forward-looking statements regarding future events that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are referred to Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended
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SOURCE Sonus Networks, Inc.