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26 Sep 2008
Networking vendor Enterasys has stressed it remains committed to plans to merge with Siemens Enterprise Communications, following the sudden death of its chief executive.
Mike Fabiaschi passed away overnight on 22 September, aged 53. Mark Stone, who is Enterasys’ chairman and senior managing director of the firm’s private equity backer Gores Group, has been named as interim chief executive.
In July, Siemens and Gores announced plans to set up a joint venture comprising Siemens Enterprise Communications, Enterasys and Gores-owned SER.
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Stone said: “Enterasys has a solid financial foundation with a deep and talented management team. The company remains committed to its plans to become part of a joint venture being formed by The Gores Group and Siemens AG.”
Stone said that Fabiaschi - a 25-year industry veteran - had left a “remarkable legacy” that will benefit his friends and business associates for years to come.
Industry sources hailed the loss of a great leader, paying tribute to Fabiaschi’s knack of leading companies to profitability – as he had done during his two-and-a-half year tenure at Enterasys.
“Mike was an outstanding individual, a valued friend and he will be sorely missed by everyone," said Alec Gores, founder, chairman and chief executive of Gores Group. “Our sympathies are with his wife and family during this difficult time.”
Trent Waterhouse, Enterasys vice president of marketing, said: “Mike was a charismatic leader who made a remarkable and immediate impact on customers, partners and employees. His untimely passing takes away from his family and friends a man who has been, and will remain, an inspiration to us all.”
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