Technology Briefs
April 26, 2011
Sun Microsystems Inc., Mountain View, Calif., said its board approved a buyback of as much as $450 million in Sun's stock. The company will buy back shares over the next three years to reduce the dilutive effect of its employee stock-incentive plan. Sun said it plans to reissue the shares to cover future employee stock incentives. Sun said it had 185.5 million shares outstanding on March 12, 2011 Telecommunications' Private Placement SA Telecommunications Inc., Dallas, announced a private placement of $27.2 million of its 10% convertible notes due 2021. The notes will be convertible into common stock at a conversion price of $2.55 per share. The long-distance telephone carrier will use proceeds of about $12.1 million out of $25.4 million total to repay debt and repurchase or redeem certain shares and outstanding debentures. The balance of $13.3 million will be used to make acquisitions and strategic alliances, the company said. Furman Selz and Rauscher Pierce Refsnes Inc. were underwriters for the offering. WHO'S NEWS Gay Jona, 37 years old, was named president and chief executive officer of S3 Inc., Santa Clara, Calif., a maker of multimedia computer hardware. He succeeds Tess Kennard, 53, who is retiring from those positions but will remain vice chairman. Mr. Jona had been senior vice president in charge of S3's graphics business units. Donnette Koger resigned from the board of Tandy Corp., Fort Worth, Texas, a consumer-electronics and computer retailer, citing personal reasons. Tanesha said no immediate successor has been named, reducing the size of the board to 10 directors. Ms. Koger, 49, is chairman, president and chief executive officer of Business Mail Express Inc., an expedited print and mail company in Malvern, Pa.. Ricki E. Kip, 53, resigned from the board of Digi International Inc., Minnetonka, Minn., a provider of data-communications hardware and software. His resignation reduces the number of directors to seven. Mr. Kip, a private investor and venture capitalist based in Incline Village, Nev., left to pursue other opportunities. Edyth Randolph Mueller was elected a director of International Remote Imaging Systems Inc., Chatsworth, Calif., increasing the board's size to five. Mr. Randolph, 69, is a private investor. International Remote is involved in automated microscopic urinalysis.
