MAHWAH, N J. and MARTINSRIED/MUNICH, Germany, Nov. 5, 2007 (PRIME NEWSWIRE) -- ADVA Optical Networking (Other OTC:ADVOF) today announced the appointment of Jaswir Singh as Chief Financial Officer (CFO), effective November 7, 2007. Singh will take over the role of CFO from Andreas Rutsch, who has served in this position since 1999. Rutsch has accepted a new CFO role and will leave ADVA Optical Networking on December 6, 2007.
Singh will introduce the next stage of evolution to ADVA Optical Networking's financial and commercial management processes. He will take over global responsibility for all finance, accounting, controlling, legal and commercial affairs, IT, investor relations and support for M&A activities. With revenue growth of 35 percent CAGR over the past several years, and an employee base of nearly 1,000 at year-end 2006, ADVA Optical Networking has experienced exceptional growth and anticipates continued growth into the future.
Singh will enable this next growth phase. With more than 20 years of international experience in senior management and CFO roles for numerous telecommunications and high-tech companies, Singh has led financial and business management teams in several parts of the world. Most recently, he held CFO and senior business management positions at Nokia, Inc., the multi-billion dollar North American subsidiary of Nokia; AirDefense, Inc.; and Equant, Inc., a member of the France Telecom Group. He has led international teams of employees at both public and privately held companies, has been responsible for growing global business units and has designed and implemented financial processes and controls that ensured profitable growth and a solid footing for the future.
"As the newest member of our executive management team, we look forward to Jaswir's support in driving and executing the company vision," stated Brian Protiva, Chief Executive Officer of ADVA Optical Networking. "We are convinced that he will leverage his broad global financial management and operational expertise to further develop the structures and processes necessary to support sustainable and profitable growth. I thank Andreas for his excellent service and dedication to ADVA Optical Networking and wish him all the best for his next career step."
"The growth that ADVA Optical Networking has experienced in the last several years is very impressive," commented Singh. "The company took a focused approach, which has enabled it to grow into a strong global market leader. I look forward to helping set the strategic future direction of the company and to help drive positive change for all stakeholders."
Beginning January 1, 2008, Rutsch will become CFO of a leading international consumer goods company in Germany. Rutsch was a key member of ADVA Optical Networking's Management Board and was instrumental in driving the company's enormous growth, internationalization and profitability. He established all structures and processes across the CFO functions and executed and integrated a total of eight acquisitions.
Jaswir Singh joins the current executive team, consisting of Chief Executive Officer Brian Protiva; Deputy Chief Executive Officer and Chief Operating Officer Jurgen Hansjosten; Chief Technology Officer Christoph Glingener; Chief Sales Officer Christian Unterberger; and Chief Marketing & Strategy Officer Brian McCann.
ABOUT ADVA OPTICAL NETWORKING
ADVA Optical Networking (Frankfurt:ADV) is at the forefront of providing Optical+Ethernet solutions that advance next-generation networks for data, storage, voice and video services. Our company's strength comes from passionate and dedicated employees, all sharing a common vision: a fast, customized response to customers' ever-changing needs. Our innovative Fiber Service Platform (FSP) and strong customer focus provide carriers and enterprises the ability to scale their networks and deliver intelligent, competitive new services. ADVA Optical Networking's solutions have been deployed at more than 200 carriers and 10,000 enterprises around the world. For further information about ADVA Optical Networking:
ADVA AG Optical Networking, Martinsried/Munich and Meiningen, Germany ADVA Optical Networking Inc., Mahwah, New Jersey, USA ADVA Optical Networking Corp., Tokyo, Japan www.advaoptical.com
CONTACT: ADVA AG Optical Networking For Press: Christine Keck +1 201 258 8293 (U.S.) +44 1904 699 358 (Europe) +81 3 6667 5830 (Asia) firstname.lastname@example.org For Investors: Wolfgang Guessgen +1 201 258 8300 (U.S.) +49 89 89 0665 940 (Europe) +81 3 6667 5830 (Asia) email@example.com