Gill, Fore's former chief operating officer, will take over the CEO post from the company's cofounder, Eric Cooper, who will remain as chairman. Cofounder and former president Onat Menzilcioglu will remain on Fore's board. Both cofounders will continue to provide strategic direction and advice on major initiatives.
Fore has seen its stock price hit over the past year as its growth has ebbed. In some respects, the company also is suffering from the overall pall that the networking industry has faced as customers postpone purchases until Gigabit Ethernet technologies take off.
"We are very pleased that Tom Gill, whose commitment to our company and whose managerial excellence have been proven over the last five years, will now take on the role of CEO and president," Cooper said in a statement. "We think that Tom has the industry knowledge, the managerial talent, and the drive to continue the momentum we have created. I am looking forward to working closely with him as we lead the company into the 21st Century."
Gill, who joined Fore in 1993, previously had served as the company's chief financial officer and last January was promoted to chief operating officer.
The company recently reported a drop in third-quarter profits, to $10.1 million, from a year-ago figure of $12.8 million. Revenues, meanwhile, climbed slightly, to $122.1 million in the quarter, up from $112.6 million a year ago.
Fore's stock has fallen by more than half since late February, when its share price was trading around $36 a share. Additionally, the company has been slapped with shareholder lawsuits.
Fore stock closed at 16-5/16 yesterday.