General Magic redoes board
The troubled network-based communications software maker names three new directors.
Michael Kalogris, Dennis Strigl, and Susan Swenson will join existing board members. Kalogris is chairman and chief executive officer of Triton Communications, a wireless voice and data systems operator; Strigl serves as group president and chief executive of Bell Atlantic's Global Wireless business, and president and CEO of Bell Atlantic Mobile, an East Coast wireless service provider. Swenson is president and chief executive officer of Cellular One, the AT&T Wireless-AirTouch joint venture.
The new board members will join Carl Pascarella, president and CEO of Visa USA, Roel Pieper, CEO of Tandem Computers, and Steven Markman, General Magic's chairman, CEO and president.
The announcement comes in the midst of a turbulent year for the network-based communications software maker. In June, the company named James McCormick chief financial officer.
In July, the company announced a net loss for the eighth consecutive quarter, and McCormick warned investors that the company would not see revenues increase in 1997. General Magic incurred a net loss of $6.7 million, or 25 cents per share, for the second quarter ended June 30.
General Magic is pinning its hopes and resources on the success of the Serengeti network service. In June CEO Steve Markman described Serengeti as "the electronic equivalent of an executive assistant."