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Cabletron taps new CEO
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June 4, 1999: 1:41 p.m. ET
Patel, network gear maker's R&D chief, succeeds co-founder Benson
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NEW YORK (CNNfn) - Networking equipment maker Cabletron Systems Inc. Friday named Piyush Patel as its top executive, replacing a co-founder of the 16-year-old company.
Patel, formerly Cabletron's chief of research and development, will take over as president, chairman and chief executive officer from co-founder Craig Benson, starting Friday. Benson, 46, will keep his board seat.
Patel, 43, is a former CEO of privately held Yago Systems, a maker of network switches that Cabletron acquired for about $240 million in stock last year.
The leadership shake-up comes at a heady time for Cabletron, which Thursday announced the end of a review by U.S. regulators into the way the company accounted for acquisitions.
Last month, Cabletron announced it was considering the sale of its prized Spectrum network-management software division.
"My goal is to expand Cabletron's leadership in the enterprise, and aggressively expand our efforts in hot new growth markets," said Patel in a statement, "including service providers and the market for converged voice, video, and data networking solutions."
Shares of Rochester, N.H.-based Cabletron (CS), which makes network switches, hubs and routers, have soared in recent weeks and were up another 3/8 to 14-3/16 in early Friday afternoon trading. 
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Cabletron Systems
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