Another exec out at Ezenia



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Thomas McCann, chief financial officer of Ezenia!, "departed" the company last week, following in the footsteps of the CEO and giving further evidence of turmoil at the troubled office networking firm.The Nashua-based company announced McCann's June 27 departure without explanation in an SEC filing. Larry Snyder, who took over as CEO on June 9, will serve as the principal financial and accounting officer of the company, according to the filing.But the firm also engaged Brighton Company LLC in Burlington, Mass., to provide accounting and financial services on an interim basis. McCann will be available to assist in the transition, the filing said.McCann, who formerly worked in various financial positions at Digital Equipment Corp. and Hewlett Packard, started at Ezenia! in 2005 as controller, and was promoted to CFO in February 2010.McCann's sudden departure is just the latest in a string of high-level changes at the company, which has seen the resignation of most of its board, it president, and its CEO.The former CEO - Khoa Nguyen - resigned in a dispute with the new board. Nguyen claimed that he was forced out because of "systematic diminution of his role" and demanded change of control payments, which the company has denied.The filing is silent about the reasons for McCann leaving. In the company's proxy, the company disclosed that it had entered into a severance agreement with McCann, saying if he were to be terminated by the company without cause, or if he quit for "good reason" he would be entitled to receive six months' salary and benefits until he found another job or started a business.In 2010, McCann was compensated $145,856 that year, according to the proxy. He also owns nearly 160,000 shares, or about 1 percent of the company.The company lost a total of $6.2 million in 2009 and 2010 and another $784,000 in the first quarter of this year, leaving it with $1 million in cash. The company is down to a dozen employees, half the workforce at the beginning of the year. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW

 

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