A leading provider of video and audio conferencing equipment and related network infrastructure, Polycom Inc. (PLCM) appointed Peter Leav as the president and chief executive officer (CEO) effective Dec 2, 2013.
Mr. Leav, 42, succeeded Andrew Miller, the former CEO of Polycom who quit in July this year, following inconsistencies in his accounts. After Miller’s exit, Kevin Parker was named the interim CEO. Parker has been discharged of his responsibilities presently and will remain as the board’s chairman.
Previously, Mr. Leav held an important position in NCR Corp. since 2009. He was in charge of the direct and indirect sales channels of the company. Prior to this, he was with Motorola and Cisco Systems Inc. (CSCO).
Polycom posted mixed financial results for the third quarter of 2013. However, the company provided a disappointing financial outlook for the ensuing fourth quarter. Total revenue in the third quarter of 2013 was $336.5 million, up 0.3% year over year and nominally above the Zacks Consensus Estimate of $336 million. Segment wise, Product revenues were $242.5 million, down 1.8% year over year. Service revenues were $94 million, up 6.4% over the prior-year quarter.
A strong sales background coupled with huge business exposure across North America, Latin America and EMEA (Europe, Middle East and Africa) markets will certainly help Mr. Leav boost the company’s top-line growth going forward.
Currently, Polycom carries a Zacks Rank #3 (Hold).
Other Stocks to Consider
However, better-ranked stocks in the same sector include Ubiquiti Networks, Inc. (UBNT) and Motorola Solutions, Inc. (MSI). Ubiquiti Networks has a Zacks Rank #1 (Strong Buy) while Motorola Solutions has a Zacks Rank #2 (Buy).