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The company will now focus on the growth of PacketVideo, the sole remaining operating business, and the maximization of the value of its spectrum portfolio.
The company's Chairman, Chief Executive Officer (CEO) and President, Allen Salmasi, has determined to focus his efforts on maximizing the value of the company's spectrum assets in his role as Chairman of the Board, and has transferred the day to day operating role as Chief Executive Officer and President to Dr. James Brailean, the Chief Executive Officer of the company's PacketVideo subsidiary. Dr. Brailean will continue with his role as President and CEO of PacketVideo along with his expanded responsibilities.
Under Dr. Brailean's leadership, PacketVideo launched the world's first commercial, end-to-end wireless mobile media delivery platform in 2000, and helped create a new industry for wireless multimedia communications.
"Dr. Brailean's deep experience at PacketVideo makes him well suited to lead NextWave's day to day operations as the company enters this new phase with its operations focused on growing the PacketVideo business," said Salmasi. "Jim's success in building PacketVideo's reputation as an innovative industry leader will benefit NextWave as it puts its complete operational focus on the rapidly evolving mobile multimedia market."
"Allen is a visionary and one of the wireless industry's true pioneers," said Dr. Brailean. "We are fortunate that he will continue to apply his expertise at the Board level while leading the management of the company's spectrum assets."
In addition, in connection with the completion of the initial phase of the company's restructuring activities and the consolidation of the company's corporate functions, effective May 4, Michael Murphy resigned as Interim Chief Operating Officer and George Alex resigned as Chief Financial Officer. The company also announced the dissolution of the Governance Committee of its Board of Directors, which had been delegated certain duties which have been completed in connection with the restructuring and divestiture initiatives.
NextWave announced that Francis Harding, the company's Chief Accounting Officer, has been appointed as NextWave's new Chief Financial Officer. Harding succeeds George Alex who will continue to support the company's spectrum activities. The Board extends its gratitude and appreciation to George for his years of dedicated service and contributions.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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