Joseph Formichelli, president and chief executive of networking company Hayes Microcomputer Products, is to quit the post at the end of September.
He will be replaced by the company's vice president of operations, PK Chan, but will continue as a part time consultant until at least the end of the year. Formichelli claimed he was leaving for "personal reasons", and for once analysts believed it, saying the decision would not seriously damage the company, which had a strong management structure.
Formichelli said: "I'm just getting tired. I've been on a treadmill for 30 years." He said Hayes chairman and founder Dennis Hayes would need a "long term commitment" following the merger of Hayes and remote access company Access Beyond, which will be completed by year end.
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